ECB’s Mersch: Impact of financial crisis is far from easing

ECB council member Yves Mersch feels the prospects for an easing of the global economic and financial crisis remain uncertain.

In a regular report on financial stability issued by the Luxembourg central bank, of which Mersh is governor, he wrote “The impact of the financial crisis is far from having faded” adding “despite the considerable economic recovery measures, their impact remains uncertain and at the start of the second quarter of 2009, the macroeconomic outlook is hardly encouraging.”

Of prospects for the euro zone economy, Mersch wrote “A stabilisation, indeed a gradual recovery, is not expected at best until the end of 2009, or more realistically in early 2010.”

What a Party Pooper!!! EUR/USD sits at 1.3180.