Lackluster growth in the euro area is just as miserable as that seen in the U.S., the former president of the European Central Bank (ECB), told CNBC on Friday, defending the central bank's policies.
"I would like to underline something that is not something well-perceived. I compared over the last 12 months real growth in the U.S. and real growth in the euro area and, to my great surprise, the euro area had growth of 1.6 percent over 12 months whereas in the U.S. it was 1.2 percent," Jean-Claude Trichet told CNBC on the sidelines of the Ambrosetti forum.
"The euro area is, of course, posting growth which is totally insufficient but we share that insufficiency with the U.S...so we shouldn't present growth in the euro areas as totally miserable. We share this misery with the other advanced economies in the current period," he added.
Trichet's comments come as markets look ahead to the next monetary policy meeting of the ECB next week with investors questioning if and when the central bank will employ additional measures to boost inflation and growth in the euro zone.