The euro zone will need another year to reach even a modest level of economic growth, the European Commission said on Tuesday, calling on Germany to help as Chancellor Angela Merkel again rejected a spending spree. The EU executive cut its forecasts, saying the euro zone economy would expand by 0.8 percent this year, 1.1 percent next year and by 1.7 percent in 2016 -- a level the Commission said six months ago would be achieved next year. The delay in the upturn was due to drag on the economy from France and Italy. The economic recovery is clearly struggling to gather momentum," the EU's economics commissioner, Pierre Moscovici, told a news conference.
via Business News http://ift.tt/13CK2lI
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