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Trichet warns against overly optimistic growth forecasts

Text by NEWS WIRES

Latest update : 2009-06-22

The European Central Bank president, Jean-Claude Trichet, warned against, but did not dismiss, European predictions of economic recovery in the first quarter of 2010. He also insisted that no additional EU stimulus plans were necessary.

AFP - European Central Bank president Jean-Claude Trichet warned Sunday against putting too much faith in forecasts of an economic recovery next year.

"We should see a return to positive growth during next year," Trichet told Europe 1 radio. "This is what I have been telling everyone."

But he added that "it would be a mistake to believe that this is a foregone conclusion: There are uncertainties, risks."

Trichet added that much depended on consumer and investor confidence and on government handling of measures that have been approved to combat the recession hitting Europe.

Most countries in the 27-nation European Union are predicting a turnaround in the first quarter of 2010.

 

Date created : 2009-06-21