ECB Governing Council member Ignazio Visco said today that the economic prospects of Eurozone are clouded by uncertainties. Italy and global economy are experiencing a difficult time too. He noted that trade, mostly fueled by US, added to global economic slowdown. And as Bank of Italy Governor, he urged the country to boost productivity to fully recovery its growth path.
Though, he dismissed the worries that ECB is “disarmed” should current situation deteriorates into a full-blown recession. He emphasized “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.”