ECB’s Visco says financial coverage not ‘disarmed’ in case of euro zone recession By Reuters

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© Reuters. Bank of Italy Governor Ignazio Visco speaks during a meeting in Rome

MILAN (Reuters) – The European Central Bank has got tools to use if the euro area economy were to fall into a new recession, ECB’s Governing Council member Ignazio Visco said on Thursday.

As the economic prospects for the region are currently dominated by uncertainty, Bank of Italy’s governor said it was a mistake to fear that monetary policy would be “disarmed” should the situation degenerate into a full-blown recession or lead to deflation.

“Central banks can rely on a wide range of instruments to support economic activity and, if necessary, the Eurosystem is ready to use them all in order to fulfill its mandate,” Visco said in the text of a speech published in the Bank of Italy’s website.

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