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Financial News: ECB's Lane Dismisses Eurozone Recession Talk, Sees Recover

ECB's Lane Dismisses Eurozone Recession Talk, Sees Recovery Next Year Or Two

11/20/2019 - 09:10:00 (RTTNews)

(RTTNews) - Eurozone's economy is growing more slowly than expected, but is unlikely to enter a recession, European Central Bank Executive Board member Philip Lane said in an interview to the La Repubblica newspaper.

The 19-nation economy is likely to recover in the next year or two, the policymakers said in the interview, the transcript of which was published on the ECB website on Wednesday. "There's no doubt that, compared with 2017, there's been a sustained slowdown, but in the euro area we don't see a recession," Lane told the Italian daily.

"We expect that there will be forces that help the recovery over the next year or two, including our monetary policy, which is going to contribute because it is leading to lower lending rates to firms and households," the rate-setter added.

The ECB has always stressed that the outlook faces downside risks, Lane said. The euro area economy grew 0.2 percent sequentially in the third quarter, same as in the previous three months. "The European economy has been growing more slowly than we hoped. It's a disappointing performance, but not a negative one," Lane said. Inflation slowed to 0.7 percent in October to its lowest level in nearly three years. Core inflation hit a four-month high of 1.1 percent.

Lane called the current inflation rate of around 1 percent "unsatisfactory".

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