Wellink optimistic on eurozone recovery, high euro

Nout Wellink said Wednesday that although the strong euro may have a negative effect in the short term it will benefit the region in the longer term. He also expressed optimism for the recovery in the eurozone economy.

"A permanent appreciation of the effective euro exchange rate of 10 percent will have a short term negative effect on economic growth in the eurozone of 0.35 percent," Wellink said, but added "However, the effect of a ten percent euro appreciation turns positive in the longer term

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