ECB-decision press conference

In the post-ECB-decision press conference, Trichet stressed that the consolidated budget deficit of the euro zone, at 6% of GDP, remains well below the analogous figure elsewhere in the developed world. He cited IMF estimates that the deficits in both the US and Japan will be over 10% of GDP this year. Trichet had earlier sketched an outlook for the euro zone's economy that was identical in most respects to the one he presented a month earlier. He said growth is likely to stay moderate and uneven this year, thanks to rising unemployment, low investment and a high degree of uncertainty. The outlook for inflation, too, remains comfortable, Trichet noted.