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Recession alone won't subdue euro zone inflation - ECB's de Guindos

Wednesday, September 21, 2022
Recession alone won't subdue euro zone inflation - ECB's de Guindos © Reuters. FILE PHOTO: Vice-President of the European Central Bank (ECB) Luis de Guindos gives a statement during the second day of the Informal Meeting of EU Ministers for Economics and Financial Affairs in Berlin, Germany September 12, 2020. Odd Andersen/Pool via

COLOGNE, Germany (Reuters) -The euro zone may suffer a recession over the winter as risks to the growth outlook are intensifying, but even that is not enough to reduce inflation without further rate hikes, European Central Bank Vice President Luis de Guindos said on Wednesday.

Growth has been suffering due to high energy costs and a loss of Russian gas, raising the risk of energy rationing over the winter while households and businesses take a financial hit from high costs.

"Markets believe that the slowdown of the economy would reduce inflation by itself," de Guindos told a conference. "Actually, this is... not right. Monetary policy has to make a contribution."

The ECB promised rate hikes at each of its coming meetings and markets see the deposit rate exceeding 2.5% by next spring, jumping from its current 0.75% level.

De Guindos added that recent economic data point to a substantial slowdown of the economy, and risks to the ECB's projection of stagnating growth in the winter months were skewed to the downside.

Inflation is "very, very" high right now, De Guindos said, and the potential prolongation of Russia's war in Ukraine risked keeping this rate uncomfortably high for longer.

Price growth hit 9.1% last month and was seen inching up over the coming months before a slow decline that will still keep it above the ECB's 2% target through 2024.

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04-10-2022 14:18:53 (UTC+7)

EUR/USD

0.9892

+0.0068 (+0.69%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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EUR/USD

0.9892

+0.0068 (+0.69%)

Summary

↑ Buy

Moving Avg:

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GBP/USD

1.1407

+0.0084 (+0.75%)

Summary

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Moving Avg:

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USD/JPY

144.68

+0.14 (+0.10%)

Summary

Neutral

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0.6540

+0.0024 (+0.37%)

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 EUR/USD0.9892↑ Buy
 GBP/USD1.1407↑ Buy
 USD/JPY144.68Neutral
 AUD/USD0.6540Neutral
 USD/CAD1.3574Sell
 EUR/JPY143.10↑ Buy
 EUR/CHF0.9772Sell
 Gold1,718.95↑ Buy
 Silver21.040Neutral
 Copper3.4908↑ Buy
 Crude Oil WTI84.25Neutral
 Brent Oil89.65Buy
 Natural Gas6.443↑ Sell
 US Coffee C215.55↑ Sell
 Euro Stoxx 503,408.55↑ Buy
 S&P 5003,678.43↑ Sell
 DAX12,429.26↑ Buy
 FTSE 1006,995.74↑ Buy
 Hang Seng17,079.51↑ Buy
 Small Cap 20001,709.05Buy
 IBEX 357,598.12↑ Buy
 BASF41.623↑ Buy
 Bayer48.71↑ Buy
 Allianz163.72↑ Buy
 Adidas122.52↑ Buy
 Lufthansa5.812↑ Buy
 Siemens AG103.19↑ Buy
 Deutsche Bank AG7.793↑ Buy
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KRW14,4117,55
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