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Business

ECB chairman expects 'moderate' 2010 recovery

Latest update : 2009-03-18

European Central Bank president Jean-Claude Trichet has said he believes 2010 will be a year of moderate recovery, but warned "it is not guaranteed. It depends on how the authorities, as well as citizens and companies, regain confidence".

AFP - European Central Bank president Jean-Claude Trichet said Wednesday that 2010 "could be the year of a moderate recovery" for global economic growth if confidence returned to markets and the economy.
  
"Like my colleague Ben Bernanke, I think 2009 will be very difficult" and "we are in a period that remains very uncertain," Trichet said in an interview on France's Europe 1 radio. Bernanke is the head of the US Federal Reserve.
  
Trichet added that "there is a fairly general consensus in public and private institutions that 2010 could be the year of a moderate recovery.
  
"But this is not guaranteed. It depends on how the authorities, as well as citizens and companies, regain confidence," he continued.
  
"I insist that what's important now is to regain confidence," he said.
  
Trichet also said the European Central Bank, which cut interest rates to a record low of 1.50 percent this month, had adopted "many very important unconventional measures" and was planning "complementary measures."
  
Amid calls from the United States that European governments should spend more on anti-crisis stimulus plans, Trichet said: "Europe's rescue plans are bold. Just look at the level of deficits that many countries have reached."
  
Fed chairman Bernanke voiced cautious optimism about the US economy in an interview on Sunday, saying that the "green shoots" of economic revival were already evident and forecasting an end to the recession later this year.

Date created : 2009-03-18

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