The European Commissioner for Monetary and Economic Affairs, Joaquin Almunia, believes that the signals of an economic recovery are stronger now than they were three months ago, Reuters informs, quoting the Italian daily La Stampa.

"Some banks have announced results above expectations, the liquidity market is working better and government commitments to public spending are starting to bear fruit," said Almunia in an interview for La Stampa.

But Almunia added that as government measures to support economies swell deficits, "the margins for maneuver are disappearing even for those who had them."

According to Almunia, the impact of support for banks had been particularly marked in Britain and Ireland, whereas in Spain, it had been lower. In Italy, banks had "fortunately not needed huge interventions. There haven't been problems so far."