March 13, 2019 / 6:09 PM / 4 days ago

Italy is not a threat for Europe, ECB's Coeure says

FILE PHOTO: Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. Picture taken May 17, 2017. REUTERS/Kai Pfaffenbach/File Photo

(Corrects story from March 13 to clarify that clearing was no longer an issue)

MILAN (Reuters) - Italy is not a threat for Europe but it faces a technical recession and its challenge is longer-term growth, ECB board member Benoit Coeure said on Wednesday.

Speaking at an event in Milan, Coeure added that the financial sector was well prepared for risks stemming from Britain’s planned exit from the European Union and clearing, which was once deemed an issue, had been addressed.

Reporting by Elvira Pollina, writing by Agnieszka Flak; editing by Crispian Balmer

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