The eurozone is “probably past” the worst of virus driven crisis, European Central Bank (ECB) President Christine Lagarde said on Friday.

“We probably are past the lowest point and I say that with some trepidation because of course there could be a severe second wave,” said Lagarde at an online event.

She also urged authorities to get prepared for a possible second wave.

According to her, recovery from virus would be “uneven”, “incomplete” and “transformational”, meaning some industries such as air travel and entertainment would never rebound while others would emerge stronger. 

In order to back the Eurozone, the ECB increased the envelope for the pandemic support program by €600 billion to a total of €1.35 trillion ($1.51T), aiming to buy bonds and lend a similar amount to banks at negative rates.

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