9/11, 9:05 AM (Source: TeleTrader)
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EU economic recovery on track - ECB's Lane

The recovery of the Eurozone economy is in line with the projections, European Central Bank Executive Board member Philip Lane (pictured) stated, reaffirming that the bloc is expected to have a strong rebound in the third quarter.

However, the official warned that the economic activity remains well below its pre-coronavirus levels, especially in the service sector, where the recovery recently slowed. Meanwhile, the manufacturing sector recovery advanced further and at a higher pace.

Regarding inflation, Lane said that the recent appreciation of the euro exchange rate dampens the outlook, adding that the headline inflation is expected to remain negative for the rest of the year. "It should be abundantly clear that there is no room for complacency [on inflation]," he added.

Breaking the News / MD