Lagarde: Eurozone in Better Shape Facing Omicron Variant

European Central Bank President Christine Lagarde said that the eurozone is better equipped to counter the economic impact of a new variant of COVID-19 "Omicron".

“There is an obvious concern about the economic recovery of the eurozone in 2022, but I believe we have learned a lot. We now know our enemy and what measures to take. We are all better equipped to respond to a risk of a fifth wave or the Omicron variant”, the ECB president told Italy's RAI.

“The crisis taught us this virus knows no boundaries. Therefore, we will not be protected until we are all vaccinated”, Lagarde added.

Several European countries have introduced restrictive measures due to the wide spread of new COVID-19 infections. Omicron was detected in South Africa on Friday and has spread rapidly across Europe.