Vienna - the danger of an economic recovery uneven in Europe decreased despite concerns about the irregular nature of the recovery, of the European Central Bank Governing Council Member Ewald Nowotny said Monday.
"One cannot exclude the possibility of a slowdown of recovery, but I think that the risk of development of w or l-shaped declined significantly," he told a conference organized by the Central Bank.
"I think that we are now clearly on a sustainable path."
Germany and small eurozone export dependent countries will pave the way, while some countries of the periphery lag, said.
Concerns of market on the longevity of the restoration of the euro area have stepped up a notch Monday after a block of bad news over the weekend.
After a break of Fitch Ratings of Greek debt by three notches later Friday, rival cut Standard & Poor's Outlook for the Italy to "negative", "stable" Saturday, while the Government of the Spain has been upset after a crushing defeat in regional elections Sunday.
Markets debt responded by sending differences in performance on Spanish and Italian of 10-year bonds against bunds German at broader levels since January, while the euro to a minimum of two months, the dollar slipped and hit a record low against the Swiss franc.
"Although this difference is obviously worrying, we should not restrain ourselves with emphasis on the only problematic cases," said Nowotny, noting the European economy on average performance was good during and after the crisis.
He has called for strict budgetary discipline, emphasis on counter-cyclical policies during economic increases, a progressive approach to institutional reform and reduced the level of indebtedness.
"Given the exceptional nature of the current crisis, it is necessary to think of a reasonable and balanced reform to be able to distribute the costs of the crisis politically sustainable and equitable manner."
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