Last Sunday, the president of European Central Bank ruled out the possibility of having another recession. Jean-Claude Trichet said this statement after the soft data regarding the world’s economy had ignited the fear of having a recession twice in a tow.

The chief of ECB told the journalists that he does not think that a double-dip recession is possible and will be experienced sooner or later. As of now, in a global perspective, the economy is already recovering from the past recession. One can see this recovery not only with the industrialized countries but also in promising nations as well. Jean-Claude Trichet attended the economics conference last time in France.

But despite this optimistic point of view regarding the rumored possible recession, Trichet still gave a warning. He said that the industrialized countries should not take their growth and current recovery status for granted. He also pointed out that growing countries are still relying on how the industrialized countries are handling the recovery. In this way, they could give that much-needed confidence and boost the morale of these budding nations. Moreover, households, businesses and investors would also depend on the industrialized countries as well whether they should be expecting a real recovery or a double-dip recession anytime soon.

Aside from that Jean-Claude Trichet also mentioned that the austerity drives currently being experienced in other countries in Europe would not take toll on the current global recovery. This is in contrary to what other US officials and economists suggested.

Recently, heavy loss was felt by the global stocks. The bonds also rallied at the same time. There had been a lot of depressing economic data coming from countries such as China and United States regarding the health of the current economic recovery. The data made others doubt if a resurgence in the economy is really possible or not.