The European economy started to grow again in the second quarter of this year, after contracting in the first quarter, according to the Commission's Autumn European Economic Forecast, published on Tuesday (5 November).
Several eurozone countries are likely to miss deficit cutting targets because of a weak economy, the European Commission is expected to forecast today (22 February), but they may be granted extra leeway rather than face disciplinary action.
The European Commission’s latest economic forecast ranked Poland as the fastest developing EU member state in 2012, although it revised the country's growth estimate downwards for 2013. But analysts appear much more optimistic than the EU executive and insist that the Polish economy will do even better next year.
?Spain is set to miss its deficit reduction targets this year and next unless it takes new measures, the European Commission will forecast on Friday (11 May), but Madrid insists the targets will be met, Spanish and EU officials said.
To help countries get their budgets in sync, the European Commission on Wednesday (12 January) unveiled its first annual list of growth targets. Member states will use these benchmarks to jawbone nations with risky spending policies to change their flagrant ways.
Despite the fact that the EU economy is expected to grow at a rate that is almost double the one forecast in the spring, access to bank credit remains tight for enterprises while constraints are predicted to last longer than previously anticipated, the European Commission said yesterday (13 September).