The euro is hovering close to parity with the U.S. dollar as growth concerns for the euro zone rise.
Stretch said the prospect of the euro falling below this level was a reflection of burgeoning recession fears across the euro zone.The prospect of a starker economic slowdown has also cast doubt over whether thewill be able to tighten monetary policy aggressively enough to rein in record-high inflation without deepening the economic pain.
"That is one sign that perhaps over the medium to longer run those inflation expectations are not necessarily becoming materially deanchored, but clearly from an ECB policy signaling perspective … the need to act and to act expeditiously is clear," Stretch said.
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