The European Central Bank's president said on Saturday he expected the euro zone's economy to begin to recover next year. "In the second and third quarters (of this year) we will have hit bottom," Jean-Claude Trichet said in an interview with Italian state television broadcaster Rai. "For 2009, we expect a gradual recovery." His comments were translated into Italian.
Trichet's remarks came after European Economic and Monetary Affairs Commissioner Joaquin Almunia this week said the euro zone was facing a serious economic downturn. He gave the interview at a business conference. In slides from a presentation at the conference, Trichet also cited European monetary policy for fuelling growth and keeping inflation in check.
The euro area has exhibited the lowest volatility in inflation since the introduction of the euro currency in 1999 and the second-lowest volatility in real gross domestic product growth, the slides said. Average growth in per-capita output has been the same as that of the United States since 1999 while the average growth in jobs after 1999 has been three times as much as that of the period from 1990-1998, the slides said.
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