Economic growth overall in the European economy is better than anticipated at the start of 2011, the European Société Générale Chairman and CEO Frédéric Oudéa told CNBC Thursday.
"Thebanking sector in Europe now is much more robust. You see good profits and really this banking sector is able to absorb any restructuring," Oudéa said. "That may not take place anyway."
"People should really take into account overall, I think, the commitment to the Euro, from a political point of view, really at the highest level in the government," he added.
Even though it's clear you have differences from one country to another, Oudéa thinks overall the governments will do what is needed to maintain unity in Europe and unity with the Eurozone.
"Germany is doing very well, France is doing okay. The small countries are since deferring because there are adjustments regarding the visits, public spending, etc...," he said. "That's something, which again these are smaller economies."
And with public opinion throughout much of Europe opposed to financially supporting these smaller struggling countries, Oudéa said, "It's a balance and clearly to make Germany and France accepting to pay there's a need for these countries to show that they are ready to be more competitive and to adjust where it's needed."
"At the same time if you want I would say the most dynamic countries to pay to help this transition period and also have there public opinions agreeing for that. There's a need to see that there are efforts made in terms of better management of public spending, better management of the taxes," he concluded.
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