Noyer's alarm (ECB): "The pace of the recovery could slow down in the coming quarters"

Europe is emerging from the crisis, even if the pace of recovery could slow down in the coming quarters. This was stated by Christian Noyer, member of the Governing Council of the European Central Bank. “The pace of the recovery – explained Noyer – could slow down in the coming quarters. The crisis may have left scars on our economies. Potential growth may have been affected. The process of restoring the balance sheet, of both public and private entities, could weigh on growth in the medium term”. Speaking of the countries that have asked the EU and the IMF for a bailout, Noyer added that the main road remains that of austerity and that a debt restructuring is not a viable option. “Financial conditions in the eurozone are favourable, with short- and long-term interest rates at low levels and little sign of credit restraint,” added Noyer, who is also governor of the Bank of France.