ECB’s de Guindos: Euro area economy to shrink between 8% and 12% in 2020

The European Central Bank (ECB) Vice President Luis De Guindos said on Wednesday, the Euro area economy is expected to shrink between 8% and 12% in 2020.

Guindos is simply affirming what President Lagarde said an hour ago, the Euro area growth is likely seen between medium and severe scenarios.

Market reaction

The shared currency appears to come under pressure on the above comments, with EUR/USD now printing daily lows of 1.0935, down 0.40% on the day.