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Euro Zone Faces Recession With or Without Gas Cut-Off, ING Says

European Union flags fly outside the Berlaymont building in Brussels, Belgium.

European Union flags fly outside the Berlaymont building in Brussels, Belgium.

Photographer: Jasper Juinen/Bloomberg

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The euro region will succumb to a recession regardless of whether Russian energy supplies cease, according to ING, which reckons that outlook will curtail European Central Bank interest-rate hikes.