European Central Bank: Economic and financial situation: where do we stand?

Speech by Jürgen Stark, Member of the Executive Board of the ECB – 2. Zeit Konferenz – Neue Architektur der Finanzwirtschaft, Frankfurt am Main, 3 September 2009

  • “We have witnessed two years of severe financial distress, with adverse effects on the euro area and elsewhere. We have experienced the trough of global and euro area negative growth around the turn of 2008/2009. Recent data are increasingly encouraging. We have just been observing more and more signs of economic stabilisation. Looking ahead, economic activity is likely to recover gradually in the course of next year.
  • But uncertainty remains high and incoming data on economic activity are likely to remain volatile. Concerns regarding the outlook for a recovery in 2010 mainly relate to renewed increases in international commodity prices, intensification of protectionist pressures and a disorderly correction of global imbalances…”
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