Lagarde: Data Show Eurozone Economy Kept Expanding in Q3

Lagarde's remarks frame a eurozone that is still growing but increasingly reliant on exports as energy costs weigh on household sentiment. The distinction between stable underlying inflation and moderate wage pressures matters because it gives the ECB room to look through volatile energy moves rather than react to them. Whether that export recovery actually materializes, and whether consumer confidence stays depressed, are the open questions for the policy path ahead.