ECB's Garganas: Eurozone recovery continuing

The euro zone economy is recovering as expected and the drop in German June business sentiment is not a concern, European Central Bank Governing Council Member Nicolas Garganas said on Sunday.

Asked by reporters whether the June IFO index decline was a concern to ECB policymakers, Garganas replied "it's not a concern."

"The recovery is moving very much as we expected," said Garganas, who is also the governor of the Bank of Greece.

Germany's IFO index fell to a nine-month low of 94.6 in June fr