ECB fears euro has hurt growth

In a speech at a European Central Bank conference in Frankfurt on 16 June 2005 Lucas Papademos, the Bank's Vice-President, voiced serious concerns about economic divergence among countries in the eurozone, and indicated that the six-year monetary union was not working as effectively as the ECB had hoped.

European Central Bank: Speech, 16.6.05: Opening address at the ECB Workshop - 'What effects is EMU having on the euro area and its member countries?' http://www.ecb.int/press/key/date/2005/html/sp050616.en.html

---