The economy will not return to growth before mid-2010.
I don't think we'll see a return to positive growth before the middle of next year," the Bundesbank President was quoted as saying in an documentary to be aired on German television later on Wednesday. "We will see a steady but slow recovery, back to positive growth rates," he added.
Still, even as the investor consensus ravages the euro, it's worth remembering that the same herd instinct not long ago was pronouncing last rites for the dollar. Last year, as China's central bank chief called for a new global currency and Russian central bankers dumped greenbacks to buy euros, many saw the dollar's decline as inevitable. Now, the dollar is riding high, and the euro looks bedraggled.
"Views might change very quickly"
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