RTTNews - There are some signs that the real economy is starting to come out of a period of free fall, but it did not mean there was not going to a bumpy recovery ahead, media reports quoted the European Central Bank chief Jean Claude Trichet as saying at the Federal Reserve's annual symposium in Jackson Hole, Wyoming.
Trichet said, we see some signs confirming that the real economy is starting to get out of the period of freefall, but this does not mean at all that we do not have a very bumpy road ahead of us.
The ECB has been faced with criticism that it has done too little and too late to prevent the economy from going into a slump. Trichet noted that criticizing a central bank that is acting with a steady hand for being 'behind the curve' misses the point. The ECB president added that a gradualist approach of this kind may be the most effective antidote to the threat of price stability.
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