Nowotny says Europe not in recession
Europe may be facing a sharp slowing in economic growth but it is not in recession and still faces a serious inflation threat, European Central Bank Governing Council member Ewald Nowotny said on Friday. His comments, among the first he has made since joining the ECB Governing Council as head of the Austrian central bank last week, came as EU finance ministers and central bankers meeting in Nice, France, addressed the twin threat facing Europe from slowing growth and high inflation.ECB President Jean-Claude Trichet has said repeatedly in recent days that inflation, running at 3.8 percent in the euro zone in August, or twice the ECB's target rate, remains a menace despite recent signs of easing as oil and commodity prices.
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