ECB's Issing says recovery still on track

Economic recovery in the euro zone remains on track, with the pace of growth set to accelerate later this year, European Central Bank chief economist Otmar Issing said in a speech on Wednesday 26 January.

In a speech in Frankfurt, he also reiterated that inflation should fall back below 2 pc in the course of 2005, though the ECB is wary of a recent rise in inflation expectations.

Issing said the economic situation in the euro zone is not as bad as some commentators suggest.

"Fundamental indica

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