The euro area economy contracted marginally in the third quarter as previously estimated, solely due to weaker global demand, suggesting that the currency bloc is on the verge of a recession.
Euro area is on the brink of recession as the economy of the single currency bloc failed to grow in three out of the last four quarters, latest data from the statistical office Eurostat showed Tuesday.
The European Central Bank left its key interest rates unchanged on Thursday, as expected, after raising them in the past 10 sessions, but adopted a cautious stance to suggest that the rates could stay "higher for longer" despite the easing inflationary pressures as the signs of a recession in the euro area economy increases.