The European Central Bank didn’t change yesterday its 2011 economic growth forecast – euro zone’s GDP is expected to gain next year about 1.4%. The estimate for inflation was lifted from 1.7% to 1.8%. As for 2012, the ECB expects European economy to add 1.7%.

John Taylor, the head of the world’s largest currency hedge fund FX Concepts LLC, thinks that the euro area faces recession in 2011 as the bailout packages won’t be able to put an end to the European sovereign debt crisis. The specialist even notes that some weaker countries may have to leave the currency union.

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