ECB’s Lagarde: Growth Broad Across Countries and Sectors, Expected to Continue in Q3

Lagarde's emphasis on broad-based growth matters because it suggests the euro area's expansion is not reliant on a single engine, which can make the ECB's policy path less reactive to idiosyncratic shocks. The notable nuance is her framing of technology and AI: major advances have so far coexisted with a strong labor market, but she explicitly leaves the verdict open. That unresolved question — whether employment resilience holds as adoption deepens — is the one worth watching, especially given her own caveat that the outlook remains highly uncertain.