12.03.2010
The worst of the economic crisis is over, but there is still the danger of rising loan defaults and growth remains weak, a member of the European Central Bank’s Governing Council has said.
Ewald Nowotny (pictured), who is also the head of Austria’s central bank, was today quoted in Austrian daily newspaper Die Presse as saying that while the worst if the economic crisis is now behind us, the problems have now migrated to the real economy with rising unemployment and the risk of loan defaults.
Nowotny also indicated that a long view should be taken on recovery in the economy and labour markets, saying that a full recovery would certainly take two to three years.
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