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.

Hurley said in the interview, 'We haven't taken any decision that this is necessarily the lowest rate. We never pre-commit. We have to assess the data as it emerges and make our decision on the basis on that data.'

Elsewhere, ECB President Jean-Claude Trichet said this is a time of unprecedented uncertainty and challenges. Eurozone policymakers did not hesitate to charter unknown territory and to move forcefully to battle the adverse consequences of the financial crisis.

Speaking at Risk Europe conference in Frankfurt on Thursday, Executive Board member of ECB José Manuel González-Páramo said central banks should not take on credit risk unless there are good reasons for doing so.

Yesterday, 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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