ECB Vice President Luis de Guindos said he does not anticipate a euro-area recession in the coming years.

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In prior comments made recently, he said, "I believe that the current approach will be maintained for a few months until the evolution of inflation and the effects of our measures become clearer," de Guindos said in Madrid.

He also has explained that underlying inflation, the bank's chief focus in recent months, will come down but it is proving sticky and needs to come down from rather high levels.