ECB's Quaden says Europe's economy struggling

BELGIUM - European Central Bank council member Guy Quaden said the economy is struggling to expand and higher oil prices may curb spending by companies and consumers.

"The economy is on a razor's edge," Quaden, who also heads the Belgian central bank, said in an interview. "A longer period of weak growth is not the most plausible scenario, but a scenario which can't be completely ruled out."

ECB President Wim Duisenberg said last week the economy should reach its growth potential of 2 percent