Gentiloni: weak growth but “there is two good news”

Commission cuts GDP growth estimates Germany expected in recession

(Finance) – The euro area continues to move “in a context of weak growth”. Business activity indicators have risen marginally but remain at contraction levels. The European Commissioner for Economy observed this, Paolo Gentiloni in the press conference at the end of the Eurogroup explaining that “there there are two good news: In the euro area, inflation fell further in November, to 2.4%, and unemployment remained stable at 6.5%.”

“In context which remains highly uncertain, strong coordination of national fiscal policies and a coherent set of policies are crucial. And this, of course, is reflected in the process of evaluating countries’ budget plans that we carried out today in the Eurogroup,” he added.

Discussions on integration continued at today’s Eurogroup financial markets. “We all agree that the Capital Markets Union is a priority project for the further development of our single market, for our competitiveness and for our future growth. But political commitment is not enough – warned the European Commissioner for Economy – must also translate into constructive support for these measures when legislative proposals are negotiated. And this is the message I delivered to ministers this afternoon.”

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