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Europe still faces challenges
Source: Agencies |
September 22, 2009, Tuesday
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EUROPE'S response to the worst recession in its post-war history has helped support its economies, but severe challenges to negotiating an exit from the crisis remain, according to a study released yesterday.
Output this year in the 27-nation European Union is forecast to contract about 4 percent as the financial crisis, combined with the worst global recession in 50 years, deals a double blow to Europe's economy, the Organization for Economic Cooperation and Development said.
Stimulus measures have stabilized the continent's financial markets and helped support the overall EU economy, the OECD said. The actions, such as the EU's European Economic Recovery Plan, included 200 billion euros (US$293 billion) - mostly from national governments - in measures running the gamut from outright tax breaks to credit guarantees for ailing industries and soft loans to exploit new "green" technologies.
The OECD warned however that "it is essential that policy actions to support economic activity during the crisis do not imperil the prospects for recovery or endanger the single market."
The EU must prepare to withdraw some of its stimulus measures "where necessary" once its economy recovers, the OECD report said. They did not specify which ones should be abandoned.
The Paris-based organization recommended strengthening Europe's research and innovation capacity, which it said lags that of the United States and Japan.
Output this year in the 27-nation European Union is forecast to contract about 4 percent as the financial crisis, combined with the worst global recession in 50 years, deals a double blow to Europe's economy, the Organization for Economic Cooperation and Development said.
Stimulus measures have stabilized the continent's financial markets and helped support the overall EU economy, the OECD said. The actions, such as the EU's European Economic Recovery Plan, included 200 billion euros (US$293 billion) - mostly from national governments - in measures running the gamut from outright tax breaks to credit guarantees for ailing industries and soft loans to exploit new "green" technologies.
The OECD warned however that "it is essential that policy actions to support economic activity during the crisis do not imperil the prospects for recovery or endanger the single market."
The EU must prepare to withdraw some of its stimulus measures "where necessary" once its economy recovers, the OECD report said. They did not specify which ones should be abandoned.
The Paris-based organization recommended strengthening Europe's research and innovation capacity, which it said lags that of the United States and Japan.
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