Published: Fri, 27 Feb 2009 12:24:13 +0100
Financial Crisis Creating "Gaping Hole" in Economy, Says ECB's González-Páramo
(CEP News) Frankfurt - While inflation expectations are anchored, the current financial crisis is creating a "gaping hole" in the real economy, European Central Bank member José Manuel González-Páramo said.
"This is true not only for the euro area but for large economies at large," González-Páramo said at a conference in Madrid, Spain on Friday.The central banker also noted that some countries within the euro zone were in a weakened financial position due to the crisis. However, he stressed that "preserving the long-term sustainability of public finances is crucial at these times of stress."
González-Páramo also said the euro zone has proven itself as an area of stability during the crisis.
"There's a parable of the euro as a vessel, and it's better to be there than to navigate in a smaller boat," González-Páramo said.
Written by CEP News European Staff, eunews@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca
CEP Newswires - CEP News © 2008. All Rights Reserved. www.economicnews.ca
The Copying, Broadcast, Republication or Redistribution of CEP News Content is Expressly Prohibited Without the Prior Written Consent of CEP News.
A copy of CEP News disclaimer can be found at http://www.economicnews.ca/cepnews/wire/disclaimer.
Search
Actualité du forex
Forex News
- Wall Street ends Friday in negative; Dollar with gains
- Forex: EUR/USD ends week with moderate losses
- Forex: GBP/USD fails to hold above 1.6500
- Forex: EUR/GBP trades at the highest level in a week
- Forex: EUR/USD rebounds at 1.4875 and falls to 1.4835
- Eur/usd : La Tendance Reste Incertaine Pour L'euro
- Le pétrole brut chute en raison de la baisse du marché action
- L'euro ne parvient pas à casser le niveau des 1,50$
- Le dollar se renforce en raison des données économiques faibles
- Le yen s'échange proche d'un plus haut niveau sur une semaine contre l'euro