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Axa’s Chaney Says Recession Has Already Started in Europe

Axa SA (CS) Chief Economist Eric Chaney said Europe has entered another recession as banks curb lending.

“The recession has already started,” Chaney said in an interview with Bloomberg Television in Paris today. “There is a credit crunch. Banks are not lending as much as companies would like, espeically in peripheral countries.”

To contact the reporter on this story: Mark Deen in Paris at markdeen@bloomberg.net

To contact the editor responsible for this story: Svenja O’Donnell at sodonnell@bloomberg.net

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