European Central Bank president Mr Wim Duisenberg said today that the European economies would see only modest economic growth in 2003 and that there is still "considerable uncertainty" over the precise timing of the expected upswing.
Speaking at a meeting of central bank governors in Mexico City, Mr Duisenberg said he expects a "return to growth close to potential in 2003 - that is not very high, usually between 2 and 2.5 per cent."
"It is difficult to define precisely the timing of the economic upswing in the euro area and also globally," Mr Duisenberg said. He added that only structural reforms in labour and product service markets could raise growth potential.