Wednesday, May 25, 2005

EU heading towards destruction this weekend?

EU: News like this won't help the yes campaign in France or Holland.

GLOOM over the eurozone economy deepened yesterday as a leading international think-tank sharply cut its growth forecast for the 12-nation bloc and issued a powerful call for urgent cuts in interest rates. In the latest blow to hopes for European economic revival, the Organisation for Economic Co-operation and Development cut its forecast for eurozone growth this year to just 1.2 per cent — down from its previous 1.9 per cent projection. Giving warning of an “abrupt weakening” in activity and “sagging consumer and business confidence”, the OECD ratcheted up pressure on the European Central Bank to make early and steep cuts in eurozone interest rates.

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