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Unemployment in Euro Zone Rises to a New High
November 30, 2012
Unemployment in the euro zone rose to a new high in October, according to official data released Friday. But the head of the European Central Bank tempered the bad news by predicting that the region’s economy would begin to recover next year.
Mario Draghi, the E.C.B. president, cautioned that, “We haven’t gotten out of the crisis yet.” But he told Europe 1 radio in Paris, “The recovery for the entire euro zone will no doubt begin in the second half of 2013.”
That was a firmer forecast than Mr. Draghi gave earlier last month, when he said only that growth next year would be weak. And it came as separate data indicated that inflation continued to fall, giving the E.C.B. more leeway to pump cash into the economy if needed.
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