Lagarde: Eurozone growth is weak, stimulus working

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From left, European Central Bank President Christine Lagarde, European Commission President Ursula von der Leyen and European Council President Charles Michel attend an event to mark the 10th anniversary of the entry into force of the Lisbon Treaty at the House of European History in Brussels, Sunday, Dec. 1, 2019. (AP Photo/Olivier Matthys)

FRANKFURT, Germany (AP) — New European Central Bank President Christine Lagarde says that growth “remains weak” in the 19 countries that use the euro but gave no indication that she was contemplating more stimulus, saying the measures enacted under her predecessor were supporting the economy.

Lagarde said in her first regular appearance before the European Parliament on Monday that manufacturing companies were hardest hit by a “sluggish and uncertain” global economy that lowers demand for goods from eurozone companies — but that services companies were helping support growth and employment.

She took over from Mario Draghi on Nov. 1, after the bank decided on a rate cut and bond purchases in September. The eurozone grew only 0.2% in the third quarter.

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