European Commissioner on Economic and Financial Affairs Pierre Moscovici announced the economic outlook for the Eurozone for the immediate future was worse than the initial projections, during a speech at the Peterson Institute for International Economics in Washington.
He said that the Eurozone’s GDP would rise in the first quarter of 2016, but added that the figure was revised downward. ‘Unfortunately, the projection for the upcoming time period has deteriorated’, he admitted.
The French politician warned that the challenges the EU faces related to refugee flows and security could adversely affect investment and growth in the common currency area and added: ‘We must undertake more determined actions to reinforce growth’.
The European Commission is expected to publish its summer economic outlook data on May 3.
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