EURO-ZONE: EU, ROBUST GROWTH IN 2007
Despite the recent turbulence on financial markets and a slow-down in the euro-zone economy in the second quarter of 2007, the second half of the year will see growth remaining "robust" and the economic fundamentals staying favorable. So concludes the quarterly report on the Euro-zone compiled by the Department of Economic and Financial Affairs of the European Commission. In the second quarter of the year, says the report, growth slowed down to 0.3 per cent, as against forecasts of 0.6 per cent. "Countries whose negative performance caused surprise were France, Italy and Holland".
The causes of the slow-down may be contained, however, warn the experts, of EU Commissioner for Economic Affairs Joaquin Almunia, "it could also be a signal that the economic cycle of the Euro-zone is nearing maturity". Indicators of business and consumer confidence remain above average in the middle and long term, even though they weakened noticeably over the summer. In any case, experts are confident that "the economic fundamentals of the Euro-Zone remain strong and growth is expected to stay robust during the second half of the year".
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