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ECB Official: Slowdown In Emerging Markets 'More Dangerous' Than U.S. Recession

Ecb Banker Doubledip Unlikely

First Posted: 06/13/11 01:51 PM ET Updated: 08/13/11 06:12 AM ET

VIENNA (Michael Shields) - European Central Bank Governing Council member Ewald Nowotny does not expect the U.S. economy to enter a double-dip recession and is more concerned about fast-growing developing markets, he told a newspaper.

Asked by Austrian paper Kurier if he feared the United States would soon slip back into, recession, he said: "No. The U.S. economy will weaken, but I do not see the danger of a recession.

"Developing markets such as China, India or Brazil are behind the dynamism of the global economy. In some countries here there are tendencies to overheat. If these countries have to adopt cooling measures this would be more dangerous for the global economy now than the U.S. economy."

(Editing by Ron Askew)

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