Euro zone recovery will be slow, says Commissioner
EU monetary affairs commissioner Pedro Solbes said the pace of the economic recovery in the euro zone will be moderate in the months ahead.
"The recovery in the euro zone will remain relatively moderate in the course of the next few months," Solbes said.
He was speaking as part of his introduction to the EU Commission's quarterly report on the European economy.
He said the recovery seemed to be on track but that recent indicators have come in below expectations and the sharp rise of the euro above its 1999 starting level are sources of concern for the short-term economic outlook.
Commissioner Solbes said that an increase in investment spending, historically low interest rates and the gradual improvement in companies' margins suggest that the recovery could pick up speed.
And exports should continue to support growth in the months ahead, he said.
However, he warned that trends in consumer spending are less positive as the result of modest growth in households' spending power and less optimistic consumer confidence readings.
