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EU Commissioner says Eurozone in good shape


EU Commissioner says Eurozone in good shape


The European Commission says the economic outlook for the 13 countries sharing the Euro is better than it has been for many years.

In the annual statement on the bloc of countries that use the currency the Economic and Monetary Affairs Commissioner, Joaquin Almunia, urged more reforms.

“We are in a clear cyclical recovery, a robust recovery, but also we are receiving positive effects thanks to the central reforms.
You will have to conclude that the Euro is providing us with a good shelter against external volatility and is creating a lot of opportunities that we didn’t have in the past to sustain growth, as this is the case in the Euro area now – we are living in a very robust recovery,” he said.

The Commission currently forecasts economic growth in the Eurozone at 2.4 per cent for next year, but it’s expected to revise that figure upwards next week, so bringing it more into line with the growth forecasts of other financial and economic experts.

The commission’s report says difficult structural reforms in Eurozone countries are now bearing fruit.

Almunia urged governments to strike while the iron is hot, and improve public finances while strong growth is providing bountiful tax revenues.

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