The president of the European Central Bank, Christine Lagarde, said that the European Union’s recovery fund has demonstrated itself as one of the success stories of the bloc and is now beginning to generate results in the economy.

Christine Lagarde, during a conference in the town of Aix-en-Provence, located in the south of France, noted that the so-called NextGenEU facility is working. In this context, she noted that innovations and, in some ways, transgressions in the joint decision of European leaders can be interpreted as successes. The European leaders will launch a large loan and allocate the appropriate funds asymmetrically, taking into account the amount of damage and various difficulties faced by each country. It was also underlined that in this case there is a desire to repay the loan collectively.

Christine Lagarde says that currently, the mentioned fund is an impact factor on economic activity. Moreover, in this case, there is also an impact on a certain number of structural reforms.

The mentioned comments by the ECB president are likely to be the last or one of the last before a period of silence begins next week ahead of a new decision by the European financial regulator on monetary policy. The meeting, during which the mentioned decision will be made, is scheduled for July 18.

Also this week, at the ECB’s annual retreat in the Portuguese resort of Sintra, Christine Lagarde said that more data on the condition of the European economy is needed to form a stable confidence that inflation is approaching the 2% target. It is worth mentioning that in June, the mentioned financial institution decided to cut interest rates.