The ECB policymaker Ewald Nowotny expects euro zone's economy to remain weak part of the global economy through the 2013 year.
Ewald Nowotny said Monday: "We believe that the bottom will be reached in the first quarter of this year, that is the first quarter of 2013, and then there will exist a slow upwards development".
Nowotny, being the member of the European Central Bank's governing council called for "cool heads" and reiterated that euro's current exchange rate against the U.S. dollar remains within the historical range and that there is no need to intervene in the euro's exchange rate. He also said that BOJ actions aren`t "dramatic for the global economy as a whole", while the desicions taken by the Japanese central bank to lower the value of the yen should be seen as a means to fight deflation, similar to actions being taken by the Swiss central bank as regards the Swiss franc.