The impact of the coronavirus outbreak will put Europe into a recession but it s...
Luis de Guindos, vice-president of the European Central Bank, speaks during a Reuters Breakingviews event in New York, U.S., April 25, 2019. REUTERS/Brendan McDermid MADRID - The impact of the coronavirus outbreak will put Europe into a recession but it should be transitory and the region should be back in positive GDP growth in the second semester, European Central Bank vice president Luis de Guindos said on Sunday.
“This impact will be very hard and will place Europe into a recession,” de Guindos said in an interview with Spanish TV La Sexta channel. “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,” he added. De Guindos insisted that the 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. With Europe’s economy badly hurt by the outbreak amid intense market volatility, the ECB has agreed to a range of stimulus measures including ultra-cheap loans to banks and asset buys worth 1.1 trillion euros this year with the goal of keeping low borrowing costs for firms and governments. The ECB’s vice president also said it would be very important for Europe to issue pan-European bonds as some countries such as Spain are requesting.
Please follow us on Google to support usUnited States Latest News, United States Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus risks taking heavy toll on migrants in EuropeWith Europe now the epicentre of the coronavirus pandemic, the EU has slammed shut its external borders to halt the spread of Covid-19.
Read more »
The Do Gooders: These Forbes Under 30 Europe Social Entrepreneurs Are Making A Brighter TomorrowMeet the young social entrepreneurs working to transform fight climate change, aid refugees and more.
Read more »
Forbes Under 30 Europe: Meet The European Finance Leaders Of TomorrowEuropean Finance is alive with talent and connectivity as a new generation of entrepreneurs collide with the old structures of a once static system.
Read more »
Facebook to reduce video streaming quality in EuropeFacebook said on Sunday that it would temporarily reduce streaming rates for vid...
Read more »
Neo-Nazis from U.S. and Europe build far-right links at concerts in Germany'There are clear links between white supremacists in the United States and their ideological fellow travelers in Europe,' said Jonathan Greenblatt.
Read more »