Medium-term euro-zone prospects are positive, says Duisenberg

German Version

Berlin, 26 October 2000 - Addressing ICC's members in Germany on the 75th anniversary of ICC Deutschland, Wim Duisenberg, President of the European Central Bank, stressed that the medium term outlook for the euro-zone economies was positive.

But Mr Duisenberg, whose remarks were closely followed by financial journalists present, declined all comment on short-term economic factors which might influence the euro exchange rate against the dollar.

Speaking as the euro came under renewed pressure, Mr Duisenberg said: "What I won't talk about today - and many will be disappointed by that - are the very, very short term factors which are being discussed a lot these days. But these are factors which are very temporary, in my opnion."

Mr Duisenberg's remarks to his ICC Deutschland audience at the Adlon Hotel in Berlin were widely quoted in the German and international press.

At a news conference the same day, Ludger Staby, Chairman of ICC Deutschland briefed the media on ICC's work as the world business organization and delivered a robust defence of the global economy.

He said: "Globalization has made the world economy more efficient, and has created hundreds of millions of jobsIt brings an upward spiral of jobs and prosperity to those countries that are open to the process."

Mr Staby added: "Most representatives of the business world - and certainly the thousands of companies that the ICC represents - see globalization as an enormous challenge and at the same time as an enormous opportunity."

Full text of Mr Staby's press statement