July 21, 2020 / 2:04 PM / 16 days ago

ECB's VP warns about impact of new epidemic wave in the U.S.

FILE PHOTO: European Central Bank (ECB) Vice-President Luis de Guindos attends an European Union finance ministers meeting in Brussels, Belgium January 21, 2020. REUTERS/Johanna Geron

FRANKFURT (Reuters) - The euro zone economy may have shrunk by less than expected in the second quarter, but a new wave of the coronavirus in key places such as the United States could drag down Europe’s growth, European Central Bank Vice President Luis de Guindos said.

“The news from the United States is not good, as well as from Latin America and some parts of Asia,” de Guindos said in a webinar or Tuesday. “And this is going to have a negative impact on the evolution of world trade.”

De Guindos said the ECB expected world trade to drop by more than 10% this year, and this will be a drag for euro zone countries that rely on external demand.

Reporting by Balazs Koranyi; Editing by Alex Richardson

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