Europe’s top banker bears sort of good news

By Daily Maverick Legacy 9 October 2009

Jean-Claude Trichet, the president of the European Central Bank, claimed on Thursday that the worst is over and the Eurozone economy was out of freefall. Then came the hedging part: the pace of recovery will be gradual and the visibility low. While some of the countries, like Germany and France, Greece, Poland, Portugal and the Czech Republic are already out on positive growth, the performance of some, led by the UK, have dragged the overall economic activity in the zone to negative growth of 0.2%, prompting Trichet to keep the ECB interest rate unchanged at 1%.