ECB's Coene Says Eurozone Recovery Will Slow: Report

2011-10-27 14:49:08

Eurozone's economic recovery will slow, European Central Bank Governing Council member Luc Coene reportedly said in an interview to the Belgian daily Het Laatste Nieuws.

Coene expects euro area growth to decline slightly. Two consecutive quarters of 0.1 percent of decline in GDP is known as a recession, he said. Hence to say that he does not see a recession is too strong, the policymaker was quoted as saying.

The slowdown will never reach the depths of 2009, Coene, who heads the National Bank of Belgium, said. He expects the recovery to be slower as the region has no capacity to stimulate the economy.