Christine Lagarde delivered her first speech as President of the European Central Bank on Monday, reaching out to her critics to signal her political neutrality.

Lagarde made no reference to monetary policy but reached out to critics of quantitative easing, including former German Finance Minister Wolfgang Schaeuble. While praising his commitment to a united Europe, Lagarde did not address the substance of German criticism against quantitative easing. By the same token, she did she reiterate the call for a more expansionary German budget.

European markets we upbeat on Monday after U.S. Commerce Secretary Wilbur Ross said on Sunday that Washington may not need to impose tariffs on imported vehicles in November following negotiations with the EU, Japan, and Korea.

On Tuesday morning, the head of the eurozone’s bailout fund, Klaus Regling, told an audience in Nicosia that “a slowdown in economic growth in the eurozone since last year may be sharper than expected, but that does not necessarily mean a recession is looming,” Reuters reports.

According to Eurostat, growth in the Eurozone decelerated from 0.4% in the first quarter of 2019 to 0,2% in the second quarter. Germany weighs significantly on the eurozone’s outlook, as the economy is tested by Brexit and the Sino-American trade war.