ECB's Weber: German Economic Recovery In Q2 Not Sustainable - Report

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European Central Bank Governing Council member Axel Weber said the 0.3% growth in German gross domestic product or GDP in the second quarter is due to government stimulus measures and loose monetary policy.

In an article in the German weekly Die Zeit, Weber, who also heads Bundesbank, wrote that it is too early to declare that the recovery is sustainable.

The policymaker said the German economy is not capable of carrying itself yet and its financial markets are still functioning on central bank helps. According to Weber, the German economy would not return to pre-crisis levels until 2013.

Weber recently told German newspaper Sueddeutsche Zeitung that the biggest-Eurozone economy is expected to perform better than envisaged in the third quarter.

European Central Bank Governing Council member Axel Weber said the 0.3% growth in German gross domestic product or GDP in the second quarter is due to government stimulus measures and loose monetary policy. (Market News Provided by RTTNews)