BUDAPEST (MktNews) ECB Governing Council member Nicholas Garganas said Friday he was "not very encouraged" by outlook for economic growth in the 12-nation euro area.
While a rise in crude oil prices would impact eurozone prices, theA current inflation picture is "quite good," the Greek central bank governor told reporters on the margins of a conference here. Garganas said it was "worrying" that some eurozone countries are not obeying the terms of the EU Stability and GArowth Pact and urged the "full implementation" of its rules. "Everybody should be complying" with the Pact, he stressed. "We fully support the full implementation of the Stability and Growth Pact," he said, calling it a "necessary frameworkA for monetary union." ///www.newamarket.com