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This news article was originally written in Spanish. It has been automatically translated for your convenience. Reasonable efforts have been made to provide an accurate translation, however, no automated translation is perfect nor is it intended to replace a human translator. The original article in Spanish can be viewed at El Banco Central y la OCDE constatan el principio de la recuperación económica

The Central Bank and the OECD are the beginning of economic recovery

04/09/2009
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September 4, 2009

Optimistic messages appear as they go through the week, and yesterday was the European Central Bank and the OECD who agreed on the fall in economic activity moderated and found that the signs of improvements suggest that it is in the beginning of the recovery from the worst crisis since 1929.

The President of the ECB, Jean-Claude Trichet, stated yesterday that the euro-zone economy "stabilizes increasingly" and proclaimed that "the significant contraction of the economy has come to an end and now it will be followed by a period of stabilisation and gradual recovery".

As a result of the good results obtained in the second quarter by countries such as France or Germany the ECB provides euro gross domestic product (GDP) in the area is situated between - 4.4% and - 3.8% for 2009 and between - 0.5% and + 0.9% for 2010. This forecast improves the previous, which estimated a drop in GDP for this year between - 5.1% and - 4.1% and a fork between - 1% and + 0.5% in 2010.

For its part, from the OECD, is expected to improve in the third quarter of the year. If even a few months ago the Organization envisaged a decline of 3%, it now expects a growth of 0.2%.

From the ECB, its President also said that interest rates will remain at 1%, considering that it is "appropriate" position. In his view, the euro zone "should continue to benefit from the recovery in exports, the significant macroeconomic stimulus and the measures taken to restore the functionality of the financial system".