Moscovici optimistic about Greece’s future and eurozone recovery

Pierre Moscovici said turbulence in China and Russia would not affect the European recovery. [European Parliament/Flickr]

European Commissioner for Economic and Financial Affairs Pierre Moscovici has said he has “no reason to doubt” the eurozone’s economic growth prediction of 1.5% for 2015. EURACTIV France reports

The turbulence of the international markets will not destabilise the European economy, Pierre Moscovici said on Tuesday 1 September. France’s Commissioner said that the Chinese and Russian authorities were making significant efforts to ensure stability.

He added that at this stage, there was “no reason to doubt the validity” of the European Commission’s economic forecast for the next two years, and that these predictions would be reviewed in November this year.

Last May, the Commission predicted growth in the eurozone of 1.5% for 2015 and 1.9% for 2016.

“We are closely following the financial and economic developments in China and Russia,” Moscovici said. “The authorities of these countries, both monetary and political, are making significant efforts to preserve stability. I am convinced that the recent developments on the financial markets, which are still in process, will not destabilise the European economy.”

Greece out of the woods?

The Commissioner also spoke of Greece, and said he believed “sincerely that the UE had broken the deadlock”, and insisted on the fact that the Commission had confidence in how the ongoing process was being handled. Elections are scheduled in Greece for 20 September, when Alexis Tsipras will attempt to form a more centrist, europhile majority government.

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