LONDON — Eurozone growth may be weaker than earlier thought, and fresh barriers to global trade could lead to a vicious circle of trade war with dire consequences for the economy, European Central Bank (ECB) Vice President Luis de Guindos said on Wednesday.
LONDON — Eurozone growth may be weaker than earlier thought, and fresh barriers to global trade could lead to a vicious circle of trade war with dire consequences for the economy, European Central Bank Vice President Luis de Guindos said on Wednesday.The eurozone economy has barely grown in the past year, and Donald Trump's return to the White House as US president is likely to be bad news for the bloc as he campaigned on higher tariffs, promising that Europe will pay a 'big price.
The ECB has cut interest rates three times this year on slowing inflation, and some policymakers have warned that even quicker rate cuts may be needed given a dismal economic outlook.Some growth fears were alleviated by surprisingly strong third-quarter data last week, but de Guindos said these were mostly due to one-off positive impacts, such as the Olympic Games held in Paris, and the overall picture remained bleak.
Barriers Would Trigger Retaliation ECB
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