An economic downturn in the region will take hold by year-end, Mario Draghi has warned The European Union will likely plunge into recession by the end of the year, former Italian prime minister and European Central Bank (ECB) president Mario Draghi has told the Financial Times. The Eurozone economy shrank by 0.1% in July-September compared to the previous quarter, according to a preliminary estimate by the statistics agency Eurostat. “It is almost sure we are going to have a recession by the year-end,” the newspaper quoted Draghi as saying on Wednesday. “It is quite clear the first two quarters of next year will s
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