ECB's Liebscher says slowdown 'temporary'

European Central Bank council member Klaus Liebscher has called a slowdown in the region's economy a "temporary phase of weakness" and said rising exports and a declining euro will help revive growth by the end of 2005.

A global dampening in economic expansion has brought European growth down since the end of 2004, Liebscher said. Still, rates of expansion will approach ``potential growth'' by the end of the year, according to a speech he made in Salzburg, Austria.

A rebound in domestic consumer

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