BZ: Mr Hernandez de Cos, the European Central Bank (ECB) is in a dilemma with excess inflation and increasing economic risks. What worries you more at the moment - sticky inflation or a rapid economic deterioration? Let me explain how we see the outlook. The euro area economy broadly stagnated in the first half of this year and has remained weak in the third quarter. In the coming quarters, we are likely to see low growth. This more negative short-term outlook is the main reason behind the ECB experts lowering their projections, and they now expect cumulative growth for the period 2023-2025 to be 1% lower. This is a ... (full story)