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The ECB Vice President Luis de Guindos, during a scheduled speech in Madrid, said this Monday that the incoming Euro-area data have continued to be weak and the economy has grown below expectations. Moderation in the pace of the Euro-area economic expansion will likely extend into the current year, de Guindos added further.

Additional quotes:

   “¢   The effects of the idiosyncratic factors currently weighing on economic growth are expected to unwind, albeit at a slower pace than initially foreseen.
   “¢   Supportive factors continue to be in place that will lift inflation above this year’s muted level in the more medium-term.
   “¢   Expect labour costs to trickle through to wages, prices.  
   “¢   ECB’s new measures will add to the accommodative stance.