EU exec: premature to say EU nearing recession

The European Commission said on Tuesday that it was premature to say that recent market developments indicated that the 27-country European Union was entering a recession.

"I'm not sure we can conclude from a few days of serious evolution on the market that we are entering one type of recession or other types of economic recession," Commission spokesman Olivier Bailly told a daily briefing.

"We have economic forecasts that are actually more positive than what we see in other analysis made by actors in the financial markets," he said.

[Source: Reuters, Brussels, 09Aug11]

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