BoE's Weale says Eurozone "not as gloomy as some people had feared"

Bank of England policymaker, Martin Weale, insisted that the Eurozone’s 0.2% third quarter growth was "not as gloomy as some people had feared".

In an interview with TheBusinessDesk.com on Monday, Weale said he as "looking forward to a positive business year in 2015. That's what the MPC is forecasting, but at the same time, you can never be sure."

However, the Eurozone’s growth and inflation forecasts have been slashed as concerns have been raised over the lack of economic stimulation in the region.

Recent data from Germany’s economy shows that the country may be on the brink of falling back into recession, following a tiny 0.1% increase in gross domestic product during this year’s third quarter.