Extracts from the press conference by Olli Rehn on the EU interim economic forecasts
Type: Summary of press conference
End production: 13/09/2010 First transmission: 13/09/2010
At a press conference on 13/09/2010 in Brussels, Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs, presented the European Commission's interim economic forecast (September 2010), updating the outlook for GDP growth and inflation in 2010 for Germany, France, Italy, United Kingdom, Spain, the Netherlands and Poland, as well as the EU and Euro area aggregates.
Olli Rehn said that the European economy was clearly on a path of recovery, more strongly than forecast in the spring, and the rebound of domestic demand bodes well for the job market. However, uncertainties remained and safeguarding financial stability and continuing fiscal consolidation remained key priorities.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs, to the press conference (2 shots)
||SOUNDBITE (in ENGLISH) by Olli Rehn: The recovery of the European economy is progressing at a faster pace than expected in the spring, although growth will somewhat slow down in the second half of the year. This gives reason for cautious optimism despite a more uncertain global environment. The forecasts for economic growth are therefore revised upwards while the inflation outlook is largely unchanged.
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||SOUNDBITE (in ENGLISH) by Olli Rehn: In other words, we have now solid ground under our feet. We have started scoring again but there is no reason to shout for victory. Instead we must remain alert and vigilant in the face of the remaining uncertainties.
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||SOUNDBITE (in ENGLISH) by Olli Rehn: Of course I am worried about the future of the European economy and the situation in the countries (Greece, Italy and Spain you referred to). While we have turned the corner and we have now stronger ground under our feet, we still have substantial uncertainties both due to external developments in global trade, as well as internal challenges relative to the sovereign debt and the financial markets. Having said this, we have been able to calm down the financial markets to an extent, - of course not completely and that is never achieved completely, but to some extent-, by the very determined measures taken for instance by the Greek government. It is essential that Greece will maintain this rigour of fiscal consolidation, as well as pursue serious structural reforms in line with the EU and the IMF program, which Greece has been implementing.
||Cutaways of press (3 shots)