Trichet Sees Recovery in Europe, U.S., Double Dip Unlikely, Le Figaro Says
European Central Bank President Jean-Claude Trichet said there’s a good chance that the economy will recover on both sides of the Atlantic and he doesn’t foresee a double dip in Europe, French daily Le Figaro reported, citing an interview.
Although Europe’s long-term growth will be inferior to that of the U.S. because Europe’s demographics are less dynamic, the per-capita growth will be very similar, Trichet said, according to the newspaper. The level of unemployment in Europe is unacceptable and there’s still a lot of work to do on structural reform, Le Figaro reported Trichet as saying.
For a lasting recovery, all countries in the euro zone, including France, must make major efforts to act on public debt, Trichet said in the interview. To boost confidence and consolidate growth, governments must convince households, businesses and investors to pursue policies aimed at controlling their debts sustainably, the ECB president also said, according to the newspaper.
To contact the reporter on this story: Andrew Roberts in Paris at aroberts36@bloomberg.net
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