ECB’s Guindos Sees Euro Economy in a ‘Very Difficult Situation’

The euro area faces a “very difficult economic situation” that will test individuals and businesses, European Central Bank 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 a Dec. 16 interview published on the ECB’s website on Tuesday. “It is very important that individuals and businesses alike are prudent and focus on the long term.”