Delivering the European Commission's spring economic forecast, Olli Rehn, Commission Vice-President for Economic and Monetary Affairs and the Euro said: "In view of the protracted recession, we must do whatever it takes to overcome the unemployment crisis in Europe. The EU’s policy mix is focused on sustainable growth and job creation. Fiscal consolidation is continuing, but its pace is slowing down. In parallel, structural reforms must be intensified to unlock growth in Europe."
Rehn reported that following the recession that marked 2012, the EU economy is expected to stabilise in the first half of 2013. GDP growth is projected to turn positive gradually in the second half of the year before gaining some traction in 2014. As domestic demand is still constrained by a number of impediments that are typical of the aftermath of deep financial crises, external demand is set to be the main growth driver this year.