UBS : Weber says euro inflation won't return to target level for 'years'

DAVOS, Switzerland (Reuters) - Regardless of the measures that European Central Bank (ECB) President Mario Draghi unveils, euro zone inflation levels will not return to target levels for years, UBS (>> UBS Group AG) Chairman Axel Weber said on Wednesday.

DAVOS, Switzerland (Reuters) - Regardless of the measures that European Central Bank (ECB) President Mario Draghi unveils, euro zone inflation levels will not return to target levels for years, UBS (>> UBS Group AG) Chairman Axel Weber said on Wednesday.

The former Bundesbank president told a panel at the World Economic Forum in Davos that a pickup in European growth was also unlikely for quite some time.

"I wouldn't subscribe to the view that we are in a deflationary scenario," Weber said, describing the environment as one of persistently low inflation.

The ECB targets an inflation level that is close to but below 2 percent.

(Reporting by Noah Barkin)

Stocks treated in this article : UBS AG, UBS Group AG