June 6, 2011
The euro zone's economic crisis is over and it is now enjoying a broad-based recovery, Bank of France Governor Christian Noyer said Monday.
"There are increasing signs that the economic recovery is on track," Mr. Noyer told a financial markets conference, pointing to a "brilliant" first quarter and strong business sentiment indicators. He added that he considered that financial conditions are now "favorable" and that there is no sign of credit rationing as demand for funds improves. "All in all, we have strong reasons to believe that we successfully exited the economic crisis."
However, he acknowledged that some leading indicators appear "to have peaked at high levels" and that the recovery may slow in the coming quarters. Mr. Noyer, who is also a member of the European Central Bank's governing council, said the need to reduce indebtedness will probably weigh on the region's growth "in the medium term."
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