ECB's Weidmann: Euro zone recovery should pick up in 2016

Economic recovery in the euro zone should accelerate slightly next year but not by enough to reduce unemployment, European Central Bank policymaker Jens Weidmann wrote in an opinion piece for German magazine Wirtschaftswoche.

Jens Weidmann
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Jens Weidmann

Weidmann, who as president of Germany's Bundesbank has a seat on the ECB's Governing Council, added that euro zone member states needed to further consolidate their budgets given their high debt levels but warned that many were failing to do so.

"Given low interest rates, a (debt) sustainability illusion is widespread," he wrote in the piece, extracts of which Wirtschaftswoche released on Monday. "The real endurance test for public finances will come when interest rates rise again."

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