US EditionForeign workers have boosted euro zone economy, ECB's Lagarde says
Foreign-born workers, comprising 9% of the EU labor force, contributed to half of recent workforce growth and helped lower unemployment to 6.3%, ECB President Lagarde said.
- On Saturday, European Central Bank President Christine Lagarde highlighted a post-pandemic rise in foreign-born workers boosting the euro zone economy at the Jackson Hole economic symposium, Wyoming.
- The shift stems from a surge in foreign labor, with Lagarde noting that a jump in foreign‑born workers after the pandemic helped Europe reduce inflation without sharply slower growth.
- Lagarde pointed to concrete effects, noting the ECB cut its key deposit rate to 2.75% in January 2025, the fifth reduction since June 2024, to support the 20 countries that use the euro currency.
- Economists warn the supply gains could be offset by rising geopolitical tensions and potential trade disruptions, including U.S. tariffs under President Donald Trump, despite inflation easing to 2.4% in December 2024.
- Globally, central bankers see similar patterns; for example, Kazuo Ueda, Bank of Japan Governor, noted reliance on foreign labor, while the ECB remains data‑dependent with rate cuts anticipated in 2025.
47 Articles
47 Articles
European Bank Credits Immigrants on Economic Recovery
A jump in the share of foreign-born workers after the pandemic helped Europe bring inflation down without sharply slowing growth, the president of the European Central Bank said Saturday. A key factor "has been the rise in both the number and participation rate of foreign workers," Christine Lagarde said in...
In moving to the United States from 21 to 23 August, the President of the European Central Bank praised the economic benefits of immigration to Europe.
According to Christine Lagarde, the German economy would have fallen by 6 percent since 2019 without immigrants.
Associated Press News
Immigration boosted Europe's economy after pandemic, ECB's Lagarde says
A jump in the share of foreign-born workers after the pandemic helped Europe bring inflation down without sharply slower growth, European Central Bank President Christine Lagarde said Saturday.
Investing.com
Cryptocurrency News | Cryptocurrency Prices | Market CapForeign workers have boosted euro zone economy, ECB’s Lagarde says
Foreign workers have boosted euro zone economy, ECB’s Lagarde says
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