"If I look at the situation from Europe - it's probably the same in the U.S., more or less - activity is more resilient than expected, and we should avoid a recession this year, which I wouldn't have (expected) three months ago," Villeroy told a World Economic Forum panel in Davos.
He added that inflation will likely peak in the first half of the year, with underlying figures hitting their high only after headline figures, and this battle against rapid price growth is not yet won.
(Reporting by Balazs Koranyi; Editing by Andrew Heavens)
