Bloomberg News

ECB’s Nowotny Says Main Task Is to Avoid Long Stagnation Period

February 14, 2012

Feb. 14 (Bloomberg) -- European Central Bank Governing Council member Ewald Nowotny said the main task for policy makers is to avoid a long period of economic stagnation similar to Japan in recent decades, according to a statement issued after he spoke at an event at a private bank in Linz, Austria.

Nowotny also said that he doesn’t see a fledgling inflation risk like other experts do, Bankhaus Spaengler said in the e- mailed statement. Nowotny reiterated that the Greek parliament’s approval of an austerity program is a “milestone” in the containment of the euro-area crisis.

To contact the reporter on this story: Boris Groendahl in Vienna at

To contact the editor responsible for this story: Jonathan Tirone at

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