Barroso says EU not immune to US downturn, but not facing recession
European Commission president Jose Manuel Barroso said the EU's economy 'is not completely immune' to any downturn in the US, but it is not facing a recession. Speaking at a conference ahead of this afternoon's meeting of Europe's G8 members in London, Barroso reiterated that the European Commission is set to lower its euro zone growth projections next month in its next set of economic forecasts. He conceded that 'yes there is turbulence in the financial markets' and that investor confidence has been hit but insisted that in Europe 'there is no need to rush for the life boats'.
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