The eurozone's economy is showing more resilience than was expected months ago and recent figures reaffirm the notion that if the region falls into a recession in 2023, this would be “short and shallow," Bank of Spain’s Governor Pablo Hernandez de Cos said in an event in Madrid on Wednesday.

De Cos called for "coherence" between fiscal and monetary authorities, saying the downward inflation trend has been helped by fiscal measures that protect households and businesses from higher energy costs.

"In the event that more generalized and non-targeted support is chosen, inflationary pressures could increase, which would require a more determined monetary policy response," he said.