EU Says Euro Area to Shrink in 2013 as Unemployment Rises

Rebecca Christie
bloomberg.com
February 22, 2013

Hans-Werner Sinn, president of the Ifo research institute, talks about German business confidence, European Central Bank monetary policy and the euro-zone economy. He speaks from Munich with Francine Lacqua and Guy Johnson on Bloomberg Television’s “The Pulse.” (Source: Bloomberg)
Enlarge image Euro Region to Shrink Again as Unemployment Increases: Economy

The commission cut its forecast for the German economy, Europe’s largest, to 0.5 percent growth this year, from 0.8 forecast in November, due to a drop in euro-area demand that damps export and investment. Photographer: Michele Tantussi/Bloomberg

Economic and Monetary Affairs Commissioner Olli Rehn said authorities must press on with reforms to end the region’s debt crisis and help the recovery. While “hard data” has been disappointing, there also has been more encouraging “soft data” that points to better times, he told reporters today.

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This article was posted: Friday, February 22, 2013 at 3:21 pm

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