Speaking in Dublin tonight the governor of the Central Bank John Hurley said that any recovery in the euro zone will be unconvincing until consumer spending picks up across the region.

He said the slow pace of the recovery was accompanied by few signs of pressures on the inflation front. He said the outlook for price stability in the medium-term is favourable.

Hurley said that in his view the current stance of monetary policy in the euro zone is appropriate, but he said that the ECB Governing Council remains vigilant and will closely watch developments in coming months. He said monetary policy so far had been successful.