New European Central Bank (ECB) President Christine Lagarde briefed the press after a Governing Council meeting in Frankfurt on Thursday.

"Today is the first time that I have had the privilege and pleasure of chairing the monetary policy meeting of the Governing Council of the ECB," said Lagarde who warned of a "weakened economic outlook" while detailing some of the challenges ahead of the European Bank.

"The Governing Council welcomes the Eurogroup’s call for differentiated fiscal responses and its readiness to coordinate. Governments with fiscal space should be ready to act in an effective and timely manner," urged Lagarde.

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