Member of the European Central Bank (ECB) Governing Council Fabio Panetta stated on Wednesday that signs of weakness in the Eurozone's economy seem to be more persistent than previously anticipated.

Following an ECB meeting, the banker warned that Europe must avoid excessive regulation as well as "starting a de-regulation race." Moreover, he stressed that the divergence in regulatory approaches between the United States and Europe presents a challenge, and went on to note that energy prices remain a key source of upward inflationary risk.