ECB’s de Guindos: Risks to Growth Remain Tilted to the Downside

2 October 2024

By Marta Vilar – RIGA (Econostream) – European Central Bank Vice President Luis de Guindos said on Wednesday that growth had been weaker than expected and that risks remained tilted to the downside.

In prepared remarks at the annual Economic Conference of the Bank of Latvia, de Guindos said that economic growth in the Eurozone had been weaker than expected in the second quarter of the year.

‘The euro area growth outlook was revised down in September, compared with the June Eurosystem staff projections, with risks to growth remaining tilted to the downside’, he said.

Looking ahead, de Guindos expected the recovery to strengthen over time via consumption, investment and exports.

During a panel discussion, de Guindos said the geopolitical situation in Europe was not easy, citing China and the US as sources of challenges for the EU.