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DAVOS, January 22. /ITAR-TASS/. The economic situation in Europe will not improve in 2014, and debt-related risks still remain, said Board of Directors Chairman of UBS bank and former Bundesbank president Axel Weber at a panel discussion at the World Economic Forum in Davos.
Thinking that Europe is currently recovering from the crisis is a one-sided approach, noted Weber. He added that Europe’s economic growth did not exceed 1% and was due to key countries.
“Monetary policy of the European Central Bank led to a rather stabilized situation in the economy of European countries, but in 2014 there are two main risks for the European economy,” said Weber. Firstly, elections to the European Parliament in 2014 create certain political risks considering the complication of the decision-making process, Weber noted. Secondly, European banks will undergo a massive asset quality check, he continued, “All banks will undergo this procedure.” “If there are new risks from banks, then sovereign debt risks will also grow, and this will soon influence financial markets,” Weber concluded.