The European economy is staving off the impact of turbulence in the financial market, European Central Bank Governing Council member said today.
Guy Quaden was quoted in the Belgian magazine Trends/Tendancessaying the effect of creditors calling in risky loans caused by the collapse of the sub-prime lending sector has not "had any serious impact on the real economy".
"The danger of a drying up of credit for the broader economy, the infamous credit crunch that some referred to at the start of the crisis, has not materialised," Mr Quaden said.