21 Jan 2014
ECB's Nowotny sees Eurozone growth picking up this year
FXstreet.com (Łódź) - ECB Governing Council member Ewald Nowotny told journalists in Vienna that he did not see inflationary or deflationary pressures in the Eurozone. He suggested that stronger growth could result in a higher inflation rate next year, but still below the 2% target.
Nowotny said that the ECB would most probably revise its outlook for Eurozone economic growth upwards in March. He pointed to the signs of recovery already visible in various EU Member States.
"Program states like Spain, like Ireland are developing better than originally thought," Nowotny emphasized. "We see in France a thoroughly stable economic development."
The ECB policymaker also urged not to "harbor irrational inflation fears," and suggested that the Eurozone CPI rate would rise to 1.1% this year and to 1.4% in 2015.
Still, the central bank's monetary policy would remain accommodative and expansive for the time being, Nowotny assured.
Nowotny said that the ECB would most probably revise its outlook for Eurozone economic growth upwards in March. He pointed to the signs of recovery already visible in various EU Member States.
"Program states like Spain, like Ireland are developing better than originally thought," Nowotny emphasized. "We see in France a thoroughly stable economic development."
The ECB policymaker also urged not to "harbor irrational inflation fears," and suggested that the Eurozone CPI rate would rise to 1.1% this year and to 1.4% in 2015.
Still, the central bank's monetary policy would remain accommodative and expansive for the time being, Nowotny assured.