EU President Says Economy Will Avoid Recession

The European Union will avoid recession, according to José Manuel Barroso, the outgoing president of the European Commission.

Speaking with CNBC’s “Squawk on the Street” on Monday, Barroso said that the commission fully supports the European Central Bank’s actions to stimulate the region’s economy, emphasizing that it should do everything it can. Still, Barroso said the European economy is doing well compared to its past.
“It’s true that the growth in the real economy is going slower than expected, but let’s not forget where we come from,” he said. “We avoided the financial instability, we avoided the sovereign debt crisis. I think that the existential crisis regarding the euro is now over.”

Despite these victories, Barroso said the ECB “should use all the instruments available to counter the risk of deflation—that’s certainly worrying development recently.”

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza