ECB Trichet: Not In Favor Of Bailout Funds Refinanced By ECB

The euro zone's economic growth is likely to be "very moderate" in the second half of 2011, with risks "to the downside," European Central Bank President Jean-Claude Trichet said Tuesday.

"We expect very moderate real GDP growth in the euro area in the second half," Trichet said at a hearing of the European Parliament's economic and monetary affairs committee in Brussels.

Trichet said inflation is likely to stay above 2% in the coming months before falling below that level next year.

Medium and long-term inflation