UniCredit CEO sees "shallow" recession ahead
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FILE PHOTO: 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 Photo
FRANKFURT (Reuters) - 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.
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".
(Reporting by Tom Sims in Frankfurt and Valentina Za in Milan; editing by Agnieszka Flak)
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