ECB's Nowotny Expects Low Growth, Deficit to Reach 4.7% of GDP

ECB’s Nowotny sees signs that growth is bottoming out and of a relaxation in capital and financial markets. At the same time he sees only low growth rates after the end of the crisis. The Austrian central bank head also said that the Austrian deficit/GDP ratio is likely to rise to 4.7% , far above the 3% limit laid down in the Maastricht Treaty, but Nowotny doesn’t expect EU penalties for excessive deficits. Nothing new in the comments, which confirm, however, that the ECB is starting to get a bit more optimistic on the outlook.