The Rest of 2009 Will be “Less Difficult”
The president of the European Central Bank (ECB), Jean-Claude Trichet, has estimated that the rest of 2009 will be “less difficult”; than the first quarter, from an economic point of view, and that boosting the economy will start during next year.
“The following quarters will be less difficult than the first, although, overall, this year will be disappointing (in terms of economic development). Year 2009 will be difficult, since the first quarter was very bad, “said Trichet on the TV station France 2.
He predicted that the economy will recover during 2010. ECB decided Thursday to drop key interest rate at least record level of 1% and announced that will buy bonds issued by companies in the euro area and lend banks up to 12 months, in order to support the economy in the euro area, through a program that can reach 60 billion euro.