The European Central Bank yesterday forecast that the eurozone would expand this year and in 2011 much more strongly than previously expected, ruling out a “double dip” back into recession.
However, the bank betrayed concern about the outlook by warning that its forecasts could prove over-optimistic, and extending into next year the supply of emergency liquidity to the region’s banks.
Jean-Claude Trichet, ECB president, said the “very substantial” upward forecast revision followed an exceptional recent growth spurt. Although growth would cool in the second half of the year, he expected a continuing “positive underlying momentum” in the eurozone.
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