MNI BRIEF: Eurozone Recovery May Be Uneven, Jobless-Pelagidis

The eurozone's second-half recovery may be unevenly distributed and fail to boost employment, the deputy governor of the Central Bank of Greece told MNI.

"Even if the rebound is expected to be great - a V for the second semester 2021 - it will still be a 'Nike-type' recovery," Theodore Pelagidis told MNI, referring to a potentially drawn-out and stuttering rebound in line with the footwear brand's "swoosh" logo.

"The strength of the recovery is also another issue, particularly [the] recovery's distribution among regions and member-states. That is another aspect of uncertainty," Pelagidis said, adding that it was unclear what would provide the main drivers of growth.

"We need to follow closely not only the inflation rate in the eurozone but also the level of employment," he said. "The 2008 crisis has left many western economies with a lower level of employment and labour force participation rate. As a result, recovery was rather weak and unequally distributed."