Trichet said the euro area and the European Union are better than other major economies

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Best Growth Stock – The President of the European Central Bank (ECB), Jean-Claude Trichet said Monday that the EU and the eurozone are “better” than other developed economies, despite the debt crisis and a sharp slowdown in growth.

“Overall, looking at the European Union (EU) and the eurozone, the situation is very encouraging when compared with that of other major developed economies,” he said at the press conference after the Informal Council of Ministers of Finance (Ecofin).

ECB President admitted that there have been mistakes, but said that “it is at the individual level” that “individual countries” have committed and that the corrective actions are underway.

Trichet encouraged “everyone to follow this line.”

The ECB predicted economic growth this year of countries sharing the euro to between 1.4 and 1.8%, representing an average of 1.6%.

He said the euro area deficit probably will rise to 4.5% gross domestic product (GDP) this year.

In contrast, the U.S. expects a deficit of 8.8% of GDP.

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