ECB board member Jörg Asmussen said the eurozone is in better shape than a year ago, thanks to positive budget consolidation efforts in individual countries, the European Union's fiscal pact and ECB actions.
Asmussen said the eurozone was in better shape now than a year ago despite the weak growth in the fourth quarter of 2012. He cited in particular Italy prime minister Mario Monti's budget consolidation efforts. "There was also the fiscal pact agreed at the European Union level", he added, referring to the European budget discipline treaty. "And there was also the actions of the ECB that were within our mandate. So we're in better shape even though growth in the fourth quarter was weak."
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