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ECB Chairman Believes EU Economy 'Sound' - by Steward Douglas
European Central Bank President Jean-Claude Trichet has suggested that there is “no reason to doubt” the European economy and its current health, after growth was revised downwards by the European Commission to reflect a perceived slowdown.
When quizzed about recent statements from Alan Greenspan, formerly Chairman of the Federal Reserve, which indicated that the US was in for a recession, Trichet dismissed the applicability of the US situation to the Eurozone economy, stating that recession is ‘not appropriate’ to describe the EU economy, and that on a fundamental level the thirteen-nation Eurozone was economically ’sound’.
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