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Forex pairs in this Article » (Barcelona) - The member of the ECB governing council Ewald Nowotny declared at the Euromoney press conference in Austria on Wednesday that the Eurozone is bound to contract in 2013 and that growth would return in 2014.

Nowotny warned that economic activity would decrease this year, adding however that this trend should start reverting in the third semester of the year. Nevertheless, he suggested that growth would not come back until the beginning of 2014.

Nowotny also commented that the euro exchange rate is "not a matter of major concern," responding to Luxembourg Prime Minister Jean Claude-Juncker's earlier concerns over the excessive strength of the euro. He assured that EU banks depend less and less on the central bank's funding.

"I am quite sure that the panic situation, if there ever had been one, is over," he said.
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