The ECB's monthly report about the European economy was finally published. In the report, the central bank considers that the phase of a large contraction is in the past and expects that the Eurozone will go through a gradual recovery, after a phase of stabilization.

The September edition of the monthly report of the institution presided by Jean-Claude Trichet states that the most recent data back the opinion of the ECB's Governing Council, as there are growing signs of stabilization in the Eurozone's economic activity as well as in other regions.

This is consistent with the expectation that the significant contraction in economic activity has come to an end and is now followed by a period of stabilization and very gradual recovery
, added the ECB.

The ECB stated that the inflation pressures are low in the medium term and estimates that the price stability will be kept in the medium term. This way, it will keep backing the purchasing power.

This way, the central bank expects that the harmonized inter annual inflation rates will, in the coming months, be in moderate positive values.