ECONOMY: REHN (EU COMMISSION), "EUROPE STILL IN TROUBLED WATERS"” “” “

(Sir Europe – Brussels) – "On a yearly basis the Gross Domestic Product of the European Union will shrink by 0.3% in 2012 and by 0.4% in the euro-zone; next year, growth will be, instead, 0.4% in the EU-27 and just 0.1%" in the 17 countries that use the single currency. "Unemployment will still be very high in the European Union". The Autumn Economic Forecasts that cover until 214, illustrated today by Commissioner Olli Rehn, do not send any particularly positive sign, at least in the short term. In describing to the press in Brussels the figures put together by the EU Executive, the Commissioner for economic and monetary affairs said that the EU’s economy "is still in troubled waters". "A difficult process of macroeconomic settlement – he explained – is taking place". Rehn pointed out that some nationwide and Europe-wide measures are giving some results, even if "sound" national tax policies, measures in support of real economy and employment, strict budgeting, reduction of public debt, are needed". So, for next year, Rehn speaks of "moderate economic growth, and a stronger growth in 2014". As to the member states, the Commissioner predicted "very different" development processes". (continued)

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