ECB Says Eurozone Economy Can Shun a Recession

European Central Bank Vice President Luis de Guindos said that the eurozone economy looks set to avoid the two consecutive quarters of contraction predicted at the end of last year.

"According to leading indicators, growth in the first quarter of this year is possible," Guindos said on Wednesday.

"This is good news because as recently as December, our baseline forecast was for a technical recession.

That doesn't happen now. "

Guindos reiterated that core inflation is far more persistent than headline inflation.

Core inflation, which strips out volatile components, is closely watched by policymakers.

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