AMSTERDAM (Reuters) – Klaas Knot, the president of the Netherlands’ central bank, said Europe’s economy was “very much okay” despite worries over trade wars, slowing growth and uncertainty over Brexit.

Speaking on Dutch television on Sunday, Knot, who also sits on the European Central Bank’s governing council, said subdued inflation was troubling, but it was “premature” to talk about a possible recession.

European Central Bank President Mario Draghi acknowledged on Thursday that economic growth in the euro zone was likely to be weaker than earlier expected due to the fall-out from factors ranging from China’s slowdown to Brexit.

Knot, usually viewed as one of the more hawkish members of the governing board, said the bloc would see “a few quarters of slightly lower growth, and that’s mostly due to foreign trade.”

Internal demand remained “very good”, he said.