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Euro zone's recovery fraught with risks, ECB's Panetta says

Published 07/01/2020, 04:40 AM
Updated 07/01/2020, 04:45 AM
© Reuters. Senior Deputy Governor of the Bank of Italy, Fabio Panetta is seen in his office ahead of his appointment to the European Central Bank's executive committee

© Reuters. Senior Deputy Governor of the Bank of Italy, Fabio Panetta is seen in his office ahead of his appointment to the European Central Bank's executive committee

FRANKFURT (Reuters) - The euro zone economy has weathered its pandemic-induced crisis as well as possible but the long term recovery remains under threat, European Central Bank board member Fabio Panetta said on Wednesday.

A drop in global growth will continue to weigh on Europe, uncertainty is likely to hold back investment and consumption, and a tepid recovery could set off difficult-to-reverse recessionary forces, Panetta said.

© Reuters. Senior Deputy Governor of the Bank of Italy, Fabio Panetta is seen in his office ahead of his appointment to the European Central Bank's executive committee

"The euro area has so far weathered the consequences of the shock about as well as could be expected," Panetta said in a speech. "Positive indications need to be taken with a pinch of salt, since the high levels of prevailing uncertainty make it difficult to rely on past regularities."

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