(Bloomberg) --
German Chancellor Angela Merkel vowed to back a huge stimulus package for Europe, after ECB President Christine Lagarde warned the region's leaders that economic output may shrink by up to 15% this year.
Merkel made the remarks during a teleconference summit between the EU's 27 leaders, who are discussing ways to mitigate the economic fallout of the Covid-19 pandemic.
Stocks extended gains and the euro strengthened after the comment. Euro-area periphery bonds gained relative to German securities.
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