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Europe economy in dilemma

07-06-2010 13:39 BJT

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Vastly different predictions on the future of the world economy and its prospects of recovery is provoking heated discussions.

The president of the European Central Bank says he doesn't "believe at all" that Europe is facing a double-dip recession, as markets took fright from weak data. He says there's a huge amount of work for the G20 nations to do in regulating the financial sector. He also agrees that the reduction of global economic imbalances isn't yet complete.

He reiterates that budget policies need to be finely balanced, in order to boost confidence. Others at the European Central Bank say they will spare no efforts to assist him.

Gertrude Tumpel-Gugerell, Executive Board Member of European Central Bank said "As Greece is re-routing to the right path, its fiscal deficit had been decreased by over 40 percent, we believe the European economy is gradually recovering. And people's confidence is now restoring. We've seen that in many enterprises and consumers, that's why we are so confident about our economy."

Editor:Xiong Qu |Source: CCTV.com

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