ECB's Nowotny: No chance of a recession despite high uncertainty

European Central Bank member Ewald Nowotny says that there is no chance of a recession. He cites the rising Core Consumer Price Index as a positive sign that counters high uncertainty.

He expects further increases in underlying inflation. On Friday, the preliminary inflation estimates for the euro-zone showed a modest acceleration in Core CPI: 1.1% YoY in January against 1% recorded in December. 

Nowotny, which is also the Governor of Austria's central bank, is considered a hawk. He added that the ECB is data-driven. The Governing Council stated that risks are moving to the downside in the latest rate decision.