Former European Central Bank President, and former prime minister of Italy, Mario Draghi was cited in a report on a conference organised by the Financial Times.
The FT is gated but other news services have picked up the main points made by Draghi:
- euro zone is nearly certain to experience a recession by the end of 2023
- “The starting point of this recession is pretty high — we never had such low unemployment,”
- “So we may have a recession, but maybe it is not going to be destabilizing.”
Comments were also reported from Belgian central bank governor Pierre Wunsch:
- acknowledged the impact of tighter monetary policy
- said that growth risks are “tilted to the downside.”
- euro zone is “entering some weak form of stagflation”