European Parliament Press Release

PRESS RELEASE - ECB confident on recovery and on inflation soon falling below 2%, 20 March.

Addressing the Economic and Monetary Affairs Committee this morning, Otmar Issing, member of the Executive Board of the European Central Bank (ECB), was confident that the lowest point of the economic cycle had been reached at the end of 2001. "Recent data point to a recovery starting moderately in early 2002 and accelerating in the course of the year", he stated, so that GDP growth will be in line with