Europe headed for recession, says governor
In his first public address since becoming chairman of the Financial Stability Board, Bank of Canada’s Mark Carney said the euro zone is headed for what’s likely to be at least a brief recessionary period, the Globe and Mail reports. The depth of the downturn, and the extent to which it will affect growth elsewhere in the world will depend on how Europe’s bank decide to beef up their balance sheets and steps taken by central banks to increase liquidity, he told the audience at the British Chamber of Commerce.