ECB: EU recession now more likely

By Associated Press

Nov 18, 2022 12:07 am

FRANKFURT, Germany: The European Central Bank (ECB) sees an increased likelihood of a recession in the 19 countries that use the euro currency, warning that soaring energy prices and high inflation fed by Russia's invasion of Ukraine have raised risks for bank losses and turmoil on financial markets.

'People and firms are already feeling the impact of rising inflation and the slowdown in economic activity,' ECB Vice President Luis de Guindos said.

The European Central Bank’s headquarters is seen at night in the city of Frankfurt, Germany on Nov. 4, 2022. AP PHOTO

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