ECB's Nowotny says crisis putting euro to the test - News

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ECB's Nowotny says crisis putting euro to the test

By: AFX | 16 Nov 2009 | 03:46 AM ET

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VIENNA, Nov 16 (Reuters) - The economic crisis is putting the euro to the test but it has acted as an anchor of stability during the recent turbulence, European Central Bank board member Ewald Nowotny said on Monday. "The world's worst recession since the 1930's poses a wide range of macroeconomic and political challenges for all affected economies and is putting the single currency to the test," he said in a speech at a conference in Vienna. Nowotny added that the euro "functions as an anchor of stability and helps weathering the storms of the crisis." Decisions on countries looking to join the euro should be decided on a case by case basis, he also said, while timing would also be country specific. (Reporting by Boris Groendahl, Writing by Sylvia Westall; Editing by Andy Bruce) Keywords: ECB/NOWOTNY (sylvia.westall@reuters.com; Vienna Newsroom: +43 153 112 256; Reuters Messaging: sylvia.westall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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