Euro zone private consumption surprisingly strong: ECB's Praet
Consumer confidence and consumption has recovered surprisingly well in the euro area even if the real economy is still performing relatively modestly, European Central Bank chief economist Peter Praet said on Thursday.
Speaking at a conference in New York, Praet added that banks continue to transmit the ECB's policy well but banks' stock market valuation was 'miserably' low, a problem because it could over time impede lending and constraining the ECB's policy.
(Reporting by Balazs Koranyi; Editing by Francesco Canepa)
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