October 14, 2019 / 7:54 AM / a month ago

ECB'S de Guindos does not foresee euro zone entering into recession

MADRID, Oct 14 (Reuters) - European Central Bank’s vice-president Luis de Guindos on Monday said he did not foresee the euro zone entering into recession but foresaw the bloc experiencing lower economic growth for a longer period. Last month, the ECB cut rates deeper into negative territory and promised bond purchases with no end-date in a bid to reverse the renewed slow down in the euro zone’s economy nearly a decade after the bloc’s debt crisis.

De Guindos said that the latest news regarding U.S.-China trade talks were positive. However, Guindos said low profitability and valuations among banks in the euro zone were among the main vulnerabilities, hampering an unavoidable consolidation in the sector.

Reporting By Jesús Aguado and Clara-Laeila Laudette; editing by

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