Euro-zone recovery not yet satisfactory - ECB's Villeroy

European Central Bank Governing Council member Francois Villeroy was out on wires on Thursday, noting that Europe's recovery is not yet satisfactory.

Key highlights:

•    Growth forecasts do confirm a recovery
•    The ECB's policy fits in with German values
•    Fears over the resurgent of inflation are exaggerated
•    German inflation is set to remain below 2% on average in 2017
•    ECB does not aim to leave rates low for a long time
•    Negative rates can be useful but have limits
•    Eurozone countries need reforms to boost growth
•    Eurozone needs a better collective economic strategy

Villeroy also touched upon the Brexit saga and said that free trade deal with UK will be difficult as the single market is not divisible and its rules must be respected.