Pace of recovery remains slow and uneven
The ECB also continued to give the strong impression that rates will not be increased any time soon. It seems very unlikely that the ECB would be prepared to lower the refinancing rate below the 1% level, preferring, if necessary, to use other means to support the euro economy in the event of increased risks of a double-dip recession.
While the recession in the eurozone proved very deep, the recovery in activity is slow and uneven.
