Economy: EU stays firm on stability pact despite growing deficits

Economy: EU stays firm on stability pact despite growing deficits


ECB predicts economic upturn will occur in first half of next year

EU finance ministers huddled with the European Central Bank governors in Copenhagen last weekend to mull over the latest signs of economic stagnation in the 15-member bloc. At a rate of less than 1 percent, European economic growth was less than the 1.4 percent predicted six months ago by the European Commission. The Commission has revised its growth estimate for the second quarter of 2002 from 0.6 percent to 0.3 percent.
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