ECB’s De Guindos: Coronavirus will put Europe into a recession

In an interview with Spanish TV La Sexta channel late Sunday,  the European Central Bank (ECB) Vice President Luis De Guindos said that the coronavirus economic impact will put Europe into a recession, adding that it should transitory, however.

Key quotes

“This impact will be very hard and will place Europe into a recession.”

“I believe that the first semester will be very bad. Europe will enter into a recession and this will drag the overall European economy into negative growth rates in the year, but in the second semester I believe we will see positive growth rates for Europe.”

“ECB will act as much as needed to combat the coronavirus’ damaging economic impact and stressed the importance of avoiding a debt crisis in Europe.”

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