Europe Alert from The Wall Street Journal
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The European Union economy will recovery gradually over the next two years, while unemployment and government budget deficits continue to climb, the European Commission said Tuesday, in forecasts closely watched for their implications on public spending. The commission, the EU's executive arm, expects the bloc's economy to contract 4.1% this year before expanding 0.7% next year and 1.6% in 2011.
EU countries last December agreed to spend about 200 billion euros to support their economies. Combined with a sudden fall in tax revenue, this spending has caused a sharp deterioration in EU public finances, and EU finance ministers have agreed that fiscal stimulus measures need to be ended by 2011, at the latest.
http://online.wsj.com/article/SB125724204073224949.html?mod=djemalertEuropenews
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The European Union economy will recovery gradually over the next two years, while unemployment and government budget deficits continue to climb, the European Commission said Tuesday, in forecasts closely watched for their implications on public spending. The commission, the EU's executive arm, expects the bloc's economy to contract 4.1% this year before expanding 0.7% next year and 1.6% in 2011.
EU countries last December agreed to spend about 200 billion euros to support their economies. Combined with a sudden fall in tax revenue, this spending has caused a sharp deterioration in EU public finances, and EU finance ministers have agreed that fiscal stimulus measures need to be ended by 2011, at the latest.
http://online.wsj.com/article/SB125724204073224949.html?mod=djemalertEuropenews
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