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9/18, 8:09 AM (Source: TeleTrader)
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ECB's Villeroy: There is no recession in Europe

There is no recession in Europe, but the euro area is seeing an economic slowdown, European Central Bank Governing Council member and Bank of France Governor Francois Villeroy de Galhau said on Wednesday. He added that it is most likely the ECB will keep interest rates low for a long time, agreeing with expectations from Bank of Greece Governor Yannis Stournaras.

Villeroy noted that he thinks the French economy is resistant, but that risks are increasing.

On Tuesday, the European Parliament confirmed that Christine Lagarde will take over from Mario Draghi at the ECB in November.

Breaking the News / VP