Thursday, September 2, 2010

Jean-Claude Trichet - ECB President Believes Euro Recovery Still Moderate

European Central Bank President Jean-Claude Trichet said that he is not "too much disappointed" by economic developments in the America, which are proceeding largely as expected by the ECB.He believes that recent data has been stronger than expected but due partly to temporary factors and the European Central Bank still expects the euro zone's economic recovery to be moderate and uneven.

He also made it clear that ECB will keep offering banks unlimited one-week and one-month loans until at least Jan. 18The euro initially rose after Trichet’s remarks before giving up its gains. It traded at $1.2817 at 3:31 p.m. in Frankfurt, close to its level before the press conference.

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