Kalousek: EU economy now experiencing ‘worst days and weeks of crisis’

Speaking in Brussels on Tuesday, outgoing Finance Minister Miroslav Kalousek said he believed that the European Union was currently experiencing ‘the worst days and weeks of the financial crisis’. Mr Kalousek continued, however, that the ‘first signs of stabilisation’ could already be seen, and that he hoped by next year markets would be showing signs of a revival. The meeting of finance ministers which Mr Kalousek addressed was held a day after the bloc released a new prognosis for its economy this year. According to the European Commission, the bloc’s economy will shrink by four percent in 2009, with Europe remaining in recession in 2010. On Tuesday, the Czech finance minister said he remained ‘cautiously optimistic’ about the European economy’s recovery in the months to come.

Author: Rosie Johnston