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Business

European Central Bank chief sees recovery in 2010

Latest update : 2009-04-10

Jean-Claude Trichet, president of the European Central Bank, has "confirmed" that he believes the world economy will recover in 2010 after a "very bad" 2009. He added that he believed current stimulus plans were "generally sufficient".

AFP - The head of the European Central Bank Jean-Claude Trichet said Thursday that the world economy would recover next year after a "very bad" performance this year.

"I confirm... that after a very bad 2009, the recovery should start during 2010," he said during an interview on French channel TV5 Monde Europe.

He also urged that "very important" decisions taken by G20 leaders at a summit this month be put in place "very rapidly."

"I believe that we all have elements to put in place very quickly, which the whole world expects," he said.

Among other measures, the Group of 20 developed and emerging economies agreed to commit one trillion dollars to the International Monetary Fund (IMF) and other global bodies to help struggling economies.

Trichet also suggested that the European Central Bank could decide on another "measured" cut to its main interest rate.

The ECB surprised analysts last Thursday by cutting its rates by only 0.25 percent to 1.25 percent when a larger cut had been expected.

Commenting on the need for further fiscal stimulus, he said: "The stimulus plans that have already been approved are generally sufficient."

He stressed that financial limits had to be taken into account, with governments raising billions of euros (dollars) of debt to pay for the expensive packages.

Date created : 2009-04-10

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