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EUROGROUP : ALMUNIA: EUROZONE COULD SUFFER LASTING LOSSES DUE TO CRISIS.
The eurozone economy could be permanently weakened by the financial crisis, Economic and Monetary Affairs Commissioner Joaquin Almunia said at the Eurogroup meeting, on 6 July in Brussels, putting added pressure on budgets. Drawing on research conducted by the European Commission (see Europolitics 3785), Almunia said previous crises have shown that financial shocks can cause lasting damage to potential growth, which could halve in 2009 and 2010. Potential output will also take a beating, he said, and will be all the greater if it is not stemmed by strong government intervention.
The warning fed into a discussion on eurozone exit strategies, which has been building in the second quarter of the year. For the first time, Eurogroup President and Luxembourg Prime Minister Jean-Claude Juncker - who hinted that he could remain at the group's head without taking on the financial portfolio at home - set ...
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Source: HighBeam Research, EUROGROUP : ALMUNIA: EUROZONE COULD SUFFER LASTING LOSSES DUE TO...