Page last updated at 14:24 GMT, Wednesday, 7 November 2012

European Economic Forecast

The Economic and Monetary Affairs Commissioner, Olli Rehn, has warned that there is "no room for complacency", whilst presenting the latest European Economic Forecast.

Speaking at the European Commission in Brussels on 7 November 2012, Mr Rehn said that there was likely to be slower than expected growth in all the countries of the eurozone.

The forecasts are presented twice a year - in spring and autumn - and are short-term, macroeconomic forecasts covering a two-year time period and based on economic models and expert knowledge.

He said a growth of just 0.1% in 2013 could be expected, down from the 0.4% originally forecast.

However Mr Rehn said he expected recovery to "strengthen" in 2014.

"Europe must continue to combine sound fiscal policies with structural reforms to create the conditions for sustainable growth to bring unemployment down from the current unacceptably high levels," he added.

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