Lagarde: Eurozone growth is weak, stimulus working

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.