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Paris - The head of the European Central Bank Jean-Claude Trichet on Friday declined to label France and the eurozone's economic slowdown a recession, despite forecasts to that effect.
"ECB experts tell us that we have slowing growth," he said on the French radio station Europe 1. "I will not use any word other than that - slowing growth with significant risks that growth may become even weaker."
The state statistics agency Insee has estimated that France's gross domestic product dropped by 0.1% in the third quarter, after dipping 0.3% in the second quarter.
Analysts at the Munich-based economic research institute Ifo said last month that recession was looming over the leading eurozone economies, raising pressure on the European Central Bank (ECB) to lower its key lending rate.
A recession is usually defined by economists as at least two consecutive quarters of economic contraction.
France's Budget Minister Eric Woerth also downplayed Insee's forecast. "In essence, France is not in a recession. One percent growth" over the entire year, "that's not a recession, it's very weak growth," he said on Thursday.
The ECB currently forecasts growth of 1.4% this year cross the 15 nations of the eurozone.
Trichet reaffirmed the bank's policy of controlling inflation on the grounds that price stability was the key to lasting growth.
"We are in an uncertain universe, it's true. Growth is weak and risks getting weaker," he said. "That requires one thing of us: to step up to our responsibilities."
- Sapa