ECB's Weber: Crisis Response Can't Prevent Economic Downturn

BRUSSELS -(Dow Jones)- Europe's response to the economic crisis can only mitigate the recession, not prevent it, European Central Bank governing council member Axel Weber said Sunday. Weber defended the ECB's actions, saying criticism that it has been slower to act than the U.S. Federal Reserve and the Bank of England is unjustified. The Federal Reserve and the Bank of England both have trimmed their main interest rates to almost zero, while the ECB's key rate is currently 1.5%. Weber said that with the ECB's main rate at "1.5% and heading down," the central bank has moved appropriately to boost the euro-zone economy.