Member of the European Central Bank Governing Council (the monetary policy setting board at the Bank) and Bank of Spain governor Jose Luis Escriva spoke on Monday evening in Madrid.
- warned that risks to the euro-zone economic outlook are tilted to the downside
- disruptive scenarios haven’t materialised
- he stressed the need for caution amid extreme global uncertainty—largely driven by the U.S. political environment
- noted that current uncertainty levels are the highest on record, surpassing events like COVID-19, the Ukraine war, and the 2008 financial crisis
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At its most recent meeting the ECB lowered its growth outlook
- now expecting the economy to grow by only 0.9% in 2024 and 1.2% in 2025
ECB's Escriva
