New York Fed president optimistic on Europe

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New York Fed president optimistic on Europe
NEW YORK (MarketWatch) -- The European economy is less of a risk today than it was a year ago, said New York Federal Reserve President William Dudley at the Economic Club of New York on Monday. Dudley was responding to a question on the recent financial crisis in Cyprus and its impact on the European economy and potential fallout. The European Central Bank's Outright Monetary Transactions program has helped to sustain risks in the economy by providing a backstop, said Dudley. The European economy has significantly improved and there has been a roadmap drawn out with the ECB taking the job as Europe's regulator, said Dudley. The New York Fed president said there will be bumps in the road when it comes to Europe but he is definitely more optimistic than he was a year ago.