HomeLive CommentsECB Coeure: Eurozone economy in best shape for many years

ECB Coeure: Eurozone economy in best shape for many years

ECB Executive Board member Benoit Coeure said in a speech yesterday that “the euro area economy has now enjoyed five years of uninterrupted growth”. And, GDP is “well above the levels we observed before the great financial crisis.”

He also pointed out that labor market has “improved notably” in recent years. Employment has risen by 9.2m since mid-2013. Unemployment rate dropped to 8.1% in August and hit the lowest level in 10years. Participation rate also rose 1.5 to 64% from a decade ago.

On inflation, Coeure added that “with stronger growth and rising employment, we also see a gradual build-up in price pressures”. Employee compensation have “finally started to recover” Also, he noted that as they are growing faster than the rate of inflation, many people are seeing their real incomes rising.

Overall, he said, it is fair to say that the euro area economy is in the best shape it has been in for many years.

Full speech here.

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