The European Commission Tuesday presented its autumn forecast which projects weak economic growth for the rest of this year in both the EU and the euro area.
Real GDP growth is expected to reach 1.3 percent in the EU and 0.8 percent in the euro area for 2014 as a whole. Growth is expected to rise slowly in the course of 2015, to 1.5 percent and 1.1 percent respectively, on the back of improving foreign and domestic demand.
Jyrki Katainen, EU Commissioner for Jobs, Growth, Investment and Competitiveness, told a news conference that "the economic and employment situation is not improving fast enough. The European Commission is committed to use all available tools and resources to deliver more jobs and growth in Europe." "We will put forward a 300 billion euro investment plan to kick-start and sustain economic recovery. Accelerating investment is the linchpin of economic recovery," he said.
On his part, Pierre Moscovici, EU Commissioner for Economic and Financial Affairs, Taxation and Customs, said "there is no single, simple answer to the challenges facing the European economy." "We must all assume our responsibilities, in Brussels, in national capitals and in our regions, to generate higher growth and deliver a real boost to employment for our citizen," he told the joint press conference.