PARIS (Reuters) – There is no sign yet of a recession in the euro zone despite slowing activity, but the European Central Bank needs to be prepared “to do whatever it takes” in the event things turn south, ECB policymaker Olli Rehn said on Thursday.

Rehn, who is also head of the Bank of Finland, said that the latest economic data, including purchasing manager data, suggested slower growth across the euro zone, but not a recession.

“We have to be ready in case things turn sour and then the answer is we do whatever it takes in our mandate,” Rehn told a financial services conference in Paris organised by Politico.