Welteke sees eurozone recovery scenario intact

Bundesbank President and ECB Governing Council member Ernst Welteke said on Wednesday 24 March that the most likely scenario for Germany and the euro area is a moderate and gradual recovery. He also commented on remarks made by Guy Quaden earlier.

Welteke added that the current level of ECB interest rates does not pose a problem to a pick-up in activity.

"We are now in a phase of moderate recovery that isn't broad based yet," he said in presenting the German central bank's 2003 financial result