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

[DAVOS] Regardless of the measures that European Central Bank (ECB) President Mario Draghi unveils, eurozone inflation levels will not return to target levels for years, UBS 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," Mr Weber said, describing the environment as one of persistently low inflation.

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

REUTERS