No firm recovery for European economy says EU President Jose Manuel Barroso
Europe's economy has not made a "firm recovery" from the crisis and the situation remains "very volatile" despite some encouraging signs, EU Commission chief Jose Manuel Barroso said on Tuesday. "The impact of the financial and economic crisis is still tangible in Europe and we have much still to do," he said at a joint press conference with Lithuanian President Dalia Grybauskaite. Lithuania is suffering the worst recession in the European Union. "Several European countries are seeing encouraging signs of recovery but firm recovery is not here yet," Barroso cautioned.
While Germany and France have pulled out of recession and have nearly managed to bring the rest of the eurozone with them, analysts say much of the recovery is due to massive government stimulus measures for businesses. Unemployment is also rising as companies struggle to stay viable.
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