ECB's Nowotny: Monetary policy helped boost recovery in the Eurozone

FXstreet.com (Łódź) - ECB Governing Council member Ewald Nowotny said on Tuesday that the Eurozone economy could grow more than projected in 2014 and that the perspectives for entire Europe were improving. He stressed that the central bank's monetary policy contributed considerably to the recovery in the area.

"Maybe some countries like Germany, like Austria, might reach the 2 percent growth” in 2014, Nowotny said. “We are still cautious in that our prediction is a bit lower but that might be something to be expected."

Moreover, Nowotny stated that the ECB didn't expect deflation or inflation pressures in the Eurozone, neither in the short nor in the medium term. He also added that the willingness of banks to repay long term funding is a positive sign.