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Countries such as Greece, Ireland and Portugal at the center of the euro zone's fiscal crisis only account for about 6% of the bloc's GDP combined, meaning even deep downturns wouldn't affect the ...regional average much for growth or inflation.
Mr Marko Kranjec echoed Mr Jean-Claude Trichet's sentiment yesterday, though he added: "We might see some further bad news from credit markets - you never know." He also criticised investors for ...taking too great a risk. "As long as there were good prospects for cheap money, all rushed in. There was some form of irrational exuberance in the markets. What we see now is a reconsideration of the previous irrational exuberance." Axel Weber, the Bundesbank president, described the upturn in the European economy as "robust" and called the prospects for Germany as "still propitious". He also dismissed concerns that German banks' exposure to the subprime problems in the US could lead to further large problems following the bail-out of IKB.
Andrej Bajuk, Slovenia's finance minister, quickly dismisses Mr Bini Smaghi's "misinformed" criticism, blaming the steep rises in oil and food prices - and not fiscal policy - for the increase in ...inflation. "These are supply-side shocks you couldn't have mastered with fiscal policy," he says. "Inflation has already spilled over into demands for higher wages. We, as a central bank, are worried about that," says Marko Kranjec, governor of the Bank of Slovenia. Higher prices have fuelled inflationary expectations, he says. "Everyone is talking about inflation." "As growth slows we could come to the problem of fiscal sustainability," Mr Kranjec says. He regrets that the government has not used the good times to wipe out the - admittedly small - deficit. "I would have preferred a surplus," he says crisply.
