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European Central Bank (ECB) Governing Council member and Head of Slovakia’s central bank Jozef Makuch was out on the wires last hour, via Reuters, commenting on the risks to growth amid political instability across the Euro area economies to the Slovak press, as he prepares for an early departure.  

Key Quotes:

Makuch, whose term ends in 2021, told reporters he considers finance minister Peter Kazimir as a suitable replacement.

“The next government will likely be made of several parties with a different worldview.”  

“That could lead to political instability and early elections.”

“Parliament may not be able to elect a candidate and there is a question whether it would not be better for the central bank to have a (new) governor before the elections… It would strengthen the independence of the bank.”

“We’re not underestimating the risks, we’re analyzing them.”

“Based on what we know now, the development is stable, risks are balanced, with some downside risks to GDP growth.”

“We don’t see any reason to spread gloomy mood or panic.”  

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