Europe must avoid excessive regulation and could also consider simplifying existing rules, European Central Bank Governing Council member Fabio Panetta said on Wednesday. Addressing the steering committee of Italian Banking Association ABI,

The euro zone’s bout of economic sluggishness is lasting longer than anticipated, European Central Bank Governing Council member Fabio Panetta said, warning that the so far resilient jobs market may be cracking.

Bank of Italy Governor Fabio Panetta said Wednesday that the weakness of economic activity in the eurozone is "more persistent than we expected" as he addressed the executive committee of Italian banking association ABI via video link.

A weak euro zone economy poses downside risks to inflation, a top European Central Bank policymaker said on Wednesday, adding that upside risks to prices come mainly from energy. "The signs of weakness in the euro zone economy are more persistent than we had expected,