ECB Ordonez: Unclear Economy Strong Enough For Stimulus Exit
MADRID -(Dow Jones)- It isn't clear if the global economy is strong enough for
policymakers to start withdrawing stimulus, a European Central Bank official
said Monday.
Miguel Angel Fernandez Ordonez, a member of the ECB's Governing Council, said:
"We don't know yet if the incipient global economic recovery has enough
independent support for a stimulus withdrawal without running the risk of a new
drop in activity," Ordonez said in the text of speech delivered before the
Spanish senate.
Referring to Spain in particular, Ordonez said, "the situation is more
complex," as the global contraction in output has had a relatively dramatic
impact on unemployment and public finances.
-By Santiago Perez, Dow Jones Newswires; 34 91 395 8119; santiago.perez@
dowjones.com
(END) Dow Jones Newswires
11-23-090602ET
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