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Eurozone has turned an inflection point and is heading in a different direction, European Central Bank Executive Board member Jose Manuel Gonzalez-Paramo said in an interview with Ireland's Sunday Independent newspaper.
"There is a trend of moderate growth that we expect to be maintained all the time -- with some uneven behavior probably and big uncertainty remaining," Gonzalez-Paramo said. "But I think we have now turned an 'inflection point' and are heading in a different direction."
He said taking appropriate measures and implementing them are crucial for Ireland. Quoting ECB President Jean-Claude Trichet, Gonzalez-Paramo noted that Ireland has been courageous in the measures it has taken. The ECB President has urged the country to remain alert in implementing the measures it took to bring the economy back on the road to recovery.
On Greece, Gonzalez-Paramo expressed confidence that the country will win the battle. "We believe all the members of the Eurozone are fit to be members but different countries have to take different measures to take into account the specifics of their situation," he said.
He noted that reliability of Greece's statistics is a major issue, which is being addressed at the moment. "Because had we had the true statistics in front of us some years ago, many of those problems would have been dealt with earlier," he asserted.
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