|
(CEP News) - European Central Bank council member Axel Weber said Wednesday that he does not take too much stock from the so-called "green shoots" in economic indicators, and that the German economy will severely contract in 2009.
The German economy is in a "severe recession," he said. Economic growth isn't possible before 2010, he said, adding that first-quarter growth will be worse than in the fourth quarter, and hard data will continue to be negative. However, he said German politicians should resist calls for more fiscal stimulus. Weber said the banking system won't recover until toxic assets are dealt with. By Megan Ainscow,
This email address is being protected from spam bots, you need Javascript enabled to view it
, edited by Sarah Sussman,
This email address is being protected from spam bots, you need Javascript enabled to view it
CEP Newswires - CEP News © 2009. All Rights Reserved. www.economicnews.ca The Copying, Broadcast, Republication or Redistribution of CEP News Content is Expressly Prohibited Without the Prior Written Consent of CEP News. A copy of CEP News disclaimer can be found at http://www.economicnews.ca/cepnews/wire/disclaimer. |
