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Economic growth in the European Union is set to benefit from economic tailwinds. According to the European Commission's Spring 2015 Economic Forecast, these short-term factors are boosting an otherwise mild cyclical upswing in the EU.
Oil prices remain relatively low, global growth is steady, the euro has continued to depreciate, and economic policies in the EU are supportive. On the monetary side, quantitative easing by the European Central Bank is having a significant impact on financial markets, contributing to lower interest rates and improving credit conditions.
Commenting on the updated figures, Vice-President Valdis Dombrovskis, said: "The recovery of Europe's economies is strengthening. While this is encouraging, we have to make sure economic growth is lasting – sustainable. This can happen by implementing the three priority approach endorsed at EU level - structural reforms, stepping up investment and encouraging fiscal responsibility, while addressing country-specific challenges. The country-specific policy recommendations to be presented by the European Commission in mid-May will be another important step in translating this approach into concrete growth-friendly policies.”
Commissioner Moscovici added: "The European economy is enjoying its brightest spring in several years, with the upturn supported by both external factors and policy measures that are beginning to bear fruit. But more needs to be done to ensure this recovery is more than a seasonal phenomenon. Delivering on investment and reforms and sticking to responsible fiscal policies are key to obtaining the lasting jobs and growth Europe needs."