ECB's Orphanides, Paramo warn against declaring crisis over

LIMASSOL, Cyprus, July 26 (Reuters) - It is too early to declare the financial and economic crisis over, European Central Bank policymakers Athanasios Orphanides and Jose Manuel Gonzalez-Paramo said on Friday.

"We have avoided a disaster similar to what happened in 1930s, but clearly we are not out of the woods yet," Orphanides, the head of the central bank of Cyprus and an ECB Governing Council member, said at an economic conference.

ECB Executive Board member Gonzalez-Paramo seconded the comment, adding that the crisis has shown that central banks, to some degree at least, should consider 'leaning against the wind' with monetary policy to try an combat financial excesses.

The euro zone has returned to growth and posted 1.0 percent growth in the second quarter of the year from the first one. (Reporting by Michele Kambas, writing by Sakari Suoninen)