The world should not write off the eurozone, the European Central Bank president said yesterday, as a surge in German exports highlighted Europe's economic resilience.
Moving to shore up the financial markets' confidence in the 16-country region, Jean-Claude Trichet said the global gloom about its prospects was overdone. Economic data “are not confirming this pessimism”. A double dip into recession “is not at all what we are observing”.
His comments underlined the ECB's confidence that emergency measures to stabilise Europe's 11-year-old monetary union are working. Mr Trichet cited this weekend's World Cup final between Holland and Spain as a reason “one shouldn't underestimate Europe”.
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