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Villeroy Says ECB Is Ready If the Euro-Area Downturn Worsens

Francois Villeroy de Galhau, governor of the Bank of France

Francois Villeroy de Galhau, governor of the Bank of France

Photographer: Kiyoshi Ota/Bloomberg

The European Central Bank is hoping the economic situation will improve through 2019, but has the necessary tools to react if it worsens, Governing Council member Francois Villeroy de Galhau said.

Villeroy, who is also governor of the Bank of France, said the euro area is in a slowdown, but not a recession, and blamed trade tensions and worries about growth in China.