RTTNews - Friday, Governing Council member of the European Central Bank John Hurley said in an interview to the Irish broadcaster RTÉ News that after recording a significant contraction in 2009, the Eurozone economy will see an extended and gradual recovery next year.

He said the Irish economy will take time to recover and decline in house prices would continue this year.

Yesterday, ECB President Jean-Claude Trichet said Eurozone will contract between 5.1% and 4.1% in 2009. GDP growth would be between negative 1% and positive 0.4% in 2010, he said citing the June 2009 Eurosystem staff macroeconomic projections.

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