Recession is over but not "the crisis" says Governor of Banque de France

France and the other G20 countries are experiencing a fragile recovery according to the Governor of the Banque de France, Christian Noyer. He stressed that the support efforts being made by governments must be continued.

Yesterday the Bank of France raised its growth forecast for the third quarter to 0.3%, whereas a month ago it anticipated a stable GDP.

The International Monetary Fund has also recently revised its growth forecast upwards for 2009 and 2010 noting that the recession ended more quickly than expected.

"Since the spring there have been positive signs and we continue to see a proliferation of better signs," confirmed Christian Noyer on Europe 1, citing the return of consumer confidence, the recovery of industrial production and the strength of consumption or restart global trade.

"Recovery was definitely faster than the forecasted, things are divided but we must remain very cautious," he said.

"For now it's the end of the recession, but by the end of the crisis and we're still waiting to see the turnaround in the job market and it may take a number of months."

These "elements of fragility" require continued efforts and support, "said Christian Noyer, who sits on the Board of Governors of the European Central Bank.

"France and all the other G20 countries must continue to support our economies as agreed. The central banks are determined to continue their policy to support economic activity for the duration, "he said.