ECB's Nowotny pessimistic on Eurozone recovery

FXStreet (Łódź) - In an interview for the Austrian magazine Format ECB Governing Council member Ewald Nowotny said that he observed a weakening of the Eurozone economy.

Furthermore, he suggested that "it's a stretch to say ECB is becoming an ABS bad bank." In his opinion the central bank shouldn't pre-commit on the amount of ABS which it will buy and stated that market expectations regarding the volumes were "overdone."

He also signaled that the purchases wouldn't start earlier than December this year.