Philip Lane says Eurozone can still avoid a recession

The European Central Bank (ECB) chief economist said that he remained confident of avoiding a credit crunch

Philip Lane said the ECB remains confident a recession can be avoided. Picture: Bloomberg

There is a “good case” for the Eurozone economy to avoid a recession, according to Philip Lane, chief economist at the ECB.

Lane said that he remained confident the Eurozone economy could avoid falling into a recession and that there were positive signs as businesses were not preparing for one.

Lane’s remarks, at an event on Thursday, one week after the ECB halted its longest ever streak of interest hikes in October, as it moved to bring down inflation. Economic confidence in the Eurozone however continues to fall.