BRUSSELS (AFX) - European Central Bank chief economist Otmar Issing recent data has suggested the recovery in the euro zone will start early this year and then accelerate in the second half. Speaking to the European Parliament's economic and monetary affairs committee Issing added that he expects inflation to fall below the ECB's stability ceiling of 2 pct in the course of the second quarter this year. He said it will be "crucial" for the bank to monitor developments in M3 money supply growth this year. The ECB governing council remains "satisfied" with defining price stability as an average annual inflation rate of under 2.0 pct, Issing added.