Bloomberg News

ECB’s Coene Sees Slow Economic Recovery, Laatste Nieuws Says

October 27, 2011

Oct. 27 (Bloomberg) -- European Central Bank Governing Council member Luc Coene said the region’s economic recovery will be slow, Het Laatste Nieuws reported, citing an interview.

“We shall never reach the depths of 2009, but the recovery will be slower because the capacity is no longer there to stimulate the economy as strongly,” Coene told the newspaper.

“Two consecutive quarters of 0.1 percent decline is formerly seen as a recession. So, to say that I don’t expect a recession is too strong,” Coene was quoted as saying. “But the relapse that we saw in 2009 is clearly now not on the cards. Rather more a stabilization of growth, or perhaps small downward adjustment.”

To contact the reporter on this story: Andrew Clapham in Brussels at aclapham@bloomberg.net

To contact the editor responsible for this story: Jones Hayden at jhayden1@bloomberg.net


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