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Banque de France: no credit crunch in Europe

Tourism

There is no credit crunch in Europe and the International Monetary Fund has been too pessimistic in its growth forecasts for the region, a senior Banque de France official said.

“Today in Europe there is no credit crunch,” Jean-Pierre Landau, second deputy governor of Banque de France.

Landau, speaking personally, said the IMF growth forecasts for the euro zone and Europe were too pessimistic as they had taken into account risk from financial market turmoil.

“That should have been dealt with... separately,” Landau told the European Parliament's economic affairs committee. (Reuters)

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