UniCredit Chief Executive Andrea Orcel said on Wednesday Italy's second biggest bank expected a 'relatively shallow' recession in Europe followed by a rebound in 2024 or later.
Andrea Orcel, then UBS chief executive, leaves after attending a UK parliamentary inquiry into Libor interest rates in London January 9, 2013. REUTERS/Olivia Harris/File PhotoChief Executive Andrea Orcel said on Wednesday Italy's second biggest bank expected a "relatively shallow" recession in Europe followed by a rebound in 2024 or later.
Speaking at a financial conference in Frankfurt, Orcel said the European Central Bank was in a difficult position having to strike the right balance between fighting inflation "without killing the economy".Register now for FREE unlimited access to Reuters.comUniCredit expects the key rate to rise to around 2%, going above that level would hurt the economy, Orcel said.
Speaking about Italy's upcoming general elections on Sept. 25, Orcel said he expected a "centre right and not a far right" government to emerge from the vote. At present, political risk accounts for 50-60 basis points in terms of the premium Italian 10-year bonds pay over safer German Bunds, Orcel said, adding Italy's fundamentals were strong.Reporting by Tom Sims in Frankfurt and Valentina Za in Milan; editing by Agnieszka Flak
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