"The risks of an economic deterioration are greater than the upward risks for Europe and for Germany," the German central bank chief said at a meeting with journalists [in Berlin] Thursday.
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The AFP report notes that the European Central Bank's economic report published today rates the chances of recession versus economic expansion about even (50-50). Germany's central bank chief is notably more pessimistic.
The United States is currently undergoing a so-called "jobless recovery," and it's an open question what will happen first: hiring increases or another recession. Any European recession would curb U.S. exports to the region, dampening any recovery.