ECB's De Gos: Hard Brexit and increase in trade tensions among significant downside risks

European Central Bank Governing Council member Paolo Hernandez de Cos recently crossed the wires noting that the most recent data suggested that the global slowdown in the second quarter is likely to persist in coming months and added that hard Brexit and a potential increase in trade tensions were among significant downside risks to the eurozone economy, per Reuters.

The EUR/USD pair ticked lower on these comments and was last seen trading at 1.1043, losing 0.26% on the day. Below are some additional quotes.

"Risk of an imminent recession in some eurozone countries."

"Recent measures by bank's Governing Council will boost economic activity in the eurozone, help inflation converge towards the ECB's target."

"Mitigating liquidity measures are aimed at offsetting the negative impact on banks' profitability."

"Monetary policy cannot be the only instrument to revive the economy."

"Spanish banks need to cope with challenges, including technology, reduction of toxic assets, capital strengthening, reputational issues."