MILAN (AFX) - Bundesbank president Ernst Welteke said there is "no reason" to say that Germany is entering a recession.
In an interview with daily Il Sole 24 Ore, Welteke said there are no signs of a recession in the manufacturing industry either. The comments come after Bundesbank member Klaus-Dieter Kuehbacher said a few days ago that Germany is at risk of entering a recession, the paper said.
Welteke said it is difficult to forecast the ECB's next monetary move, adding that he does not believe that the change-over to the euro will provoke any significant inflationary pressure.