European Central Bank president Jean-Claude Trichet said in an interview published Monday that the eurozone economic recovery remained gradual and that the bank's analysis of the situation was balanced

European Central Bank president Jean-Claude Trichet said in an interview published Monday that the eurozone economic recovery remained gradual and that the bank's analysis of the situation was balanced. "When we predicted a gradual recovery, I emphasised the word 'gradual', and I still do," he said in an interview with French magazine L'Express. "We are neither optimistic nor pessimistic. We take a lucid, realistic view," he said. On exchange rates, Trichet indicated that the call by finance ministers from the Group of Seven richest countries for the avoidance of excessive exchange rate moves, made at its meeting in Boca Raton, Florida in February, remained valid. "As you know, when it comes to exchange rates, I always refer to the G7 Boca Raton communique. The wording used in this document was used again in the Washington communique of October 2, which I signed," he said, referring to the most recent G7 finance minister's meeting. Asked whether he was worried about the current surge in oil prices, Trichet simply noted that the Washington G7 communique called on oil producers and consumers to act as responsibly as possible.