Risk of recession in Europe: ECB’s Visco

EUROPEAN Central Bank (ECB) Governing Council member Ignazio Visco warned that there may be an economic downturn in Europe.

“There is a risk of a recession,” he said at an online event on Thursday (Jul 28), adding that should this happen, the ECB would “need to discuss what to do”.

The central bank’s decision to hike interest rates by 50 basis points last week, allows policymakers to now make data-dependent choices at future meetings, said Visco, who heads Italy’s central bank.  BLOOMBERG