Eurozone recession not a foregone conclusion, says ECB’s Knot

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Economic growth in the euro zone could be negative this quarter, but recession is not a given, as some economic data, especially in Germany, has surprised to the upside, Klaas Knot, president of the Dutch central bank and member of the European Central Bank’s Governing Council, said on Monday.

“If you look at Germany, where the economy is doing better than feared, it’s not a foregone conclusion that we’re going to have a recession,” Knot told a conference in Paris.

“We’re going to have weaker growth, that’s for sure,” said Knot, an outspoken supporter of tightening monetary policy.

“But we also need weaker growth to bring inflation back to target.”

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