11/28/2022, 9:53 AM (Source: TeleTrader)
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ECB's Knot: Recession 'not foregone conclusion'

European Central Bank (ECB) Governing Council Member Klaas Knot said on Monday that recession in the euro area is "not a foregone conclusion" after the European Commission predicted negative growth for most member states in the fourth quarter.

Knot said growth in the fourth fiscal period will be "weak, maybe negative," but reminded that weak growth is necessary in order to fight rising inflation and bring it down to the ECB's target of 2%. He warned that inflation risks are still "entirely tilted to the upside."

Baha Breaking News (BBN) / DJ