By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Yannis Stournaras said on Wednesday that if oil prices surged to over USD 150 per barrel, the European economy could enter a recession.

In an interview with Greek radio Parapolitika, Stournaras, who heads the Bank of Greece, said that “[r]ight now, nobody says we’ll have a recession.”

However, he added that if the conflict in the Middle East were to continue and oil prices were to rise “over USD 150 per barrel, nothing can be ruled out, even a recession.”

Asked whether inflation could be kept under control, Stournaras responded rhetorically by questioning whether the conflict was expected to last six months, adding that he did not think so.

“When the war stops, yes, we will have, let's say, side effects,” he said. “Inflation will not fall overnight, but it will not last long. In my opinion, we will return to normality after a certain period of time.”

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