Garganas highlights credit market uncertainty

Nicholas Garganas, the governor of the Bank of Greece, acknowledged that the economic impact of credit market developments may be larger than expected.

"The impact on lending conditions and on the economic climate from credit market developments may be larger than expected. For this reason the ECB continues to all monitor developments with great attention," Garganas, who is a member of the ECB's rate-setting Governing Council, on 20 February.

Garganas did, however, stress that the ECB remains