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Barroso: Europe not on the brink of recession

Other News Materials 5 September 2011 10:27
Europe is not on the brink of recession - but growth will be modest, European Commission President Jose Manuel Barroso said Monday.
Barroso: Europe not on the brink of recession

Europe is not on the brink of recession - but growth will be modest, European Commission President Jose Manuel Barroso said Monday.

Barroso, speaking during a visit to Australia, also talked up the strength of the single currency and the efforts of the Greek government to stave off default on its sovereign debt, DPA reported.

"We don't anticipate a recession in Europe," Barroso said during a nationally televised joint press conference with Prime Minister Julia Gillard. "The latest forecast by the European Commission shows that there will be growth, modest growth it is true, but even across the European Union."

Barroso, the most senior EU official to visit in 30 years, urged patience in assessing the work of the EU, the European Central Bank and the International Monetary Fund in shoring up the Greek economy.

"It's premature to make an assessment about exactly the efforts of the Greek government," he said. "We are doing all it takes from tackling the underlying budget problems to strengthen the governance of the eurozone from tighter financial regulation to improving our overall competitiveness."

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