Guindos sees euro economy in a ‘ very difficult situation’

Bloomberg

The euro area faces a “very difficult economic situation” that will test individuals and businesses, European Central Bank (ECB) Vice President Luis de Guindos said.
“The high inflation rates that we are seeing across Europe are coinciding with an economic slowdown and low growth,” he told the Spanish Confederation of Young Entrepreneurs’ Associations in an interview published on the ECB’s website. “It is very important that individuals and businesses alike are prudent and focus on the long term.”
In his remarks, Guindos reiterated messages shared at the interest-rate decision, including the new economic forecasts published that day. Asked on how high borrowing costs will rise, he repeated the ECB’s mantra that this will be decided “meeting by meeting and on the basis of incoming data.”