The euro zone economy faces a bumpy road to recovery and the prospect of modest growth ahead, European Central Bank President Jean-Claude Trichet said on Tuesday.

"The real economy is back to growth but we don't declare it (crisis) over. It is a bumpy road ahead, we have the sentiment that growth remains modest and we have to remain alert," Trichet said in an interview with the Europarltv, a television channel of the European Parliament.

He rebuffed suggestions that as much as half of banks' investments could be classed as toxic assets, but fired a warning shot on dividends and bonuses.

He also stressed it was vital for euro zone governments to get debt levels back in order within the 2012 or 2013 deadlines they have been set.