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Eurozone recovery ‘is there’ says ECB chief

FRANKFURT: Economic recovery has arrived in the 19 countries that share the euro, but it is up to governments to ensure it endures, European Central Bank executive board member Benoit Coeure said Thursday.

“The eurozone recovery is clearly there. Growth is coming back, all business and household confidence indicators are pointing upwards. And the good news is that this recovery is rooted in domestic demand and in consumer spending in particular,” Coeure told AFP in an interview.

For the time being, however, the recovery is still “insufficient and somewhat unequally spread from country to country,” he cautioned.

“Our concern is that the current upturn is merely a cyclical one, that it’s merely a flash in the pan.”

To help get the economy back on its feet, the ECB launched a massive one-trillion-euro bond purchase programme, known as quantitative easing or QE, at the beginning of March, under which it aims to buy 60 billion euros ($64 billion) of bonds per month until September 2016. (AFP)

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