ECB nominee says growth hit by confidence

The eurozone economy "is not growing sufficiently" because of a lack of consumer and business confidence, Italy's designated appointee to the European Central Bank (ECB)'s executive board said Tuesday 19 April.

Addressing the European Parliament's economic and monetary affairs committee, Lorenzo Bini Smaghi put the eurozone's "disappointing" growth down to fears about the future.

"I think that the main reason is that consumers and entrepreneurs don't have confidence in the future," he said.