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The finance ministers of the eurozone met on December 6 and were optimistic about economic growth despite the threat of the Omicron variant. Also this Monday, the European Central Bank announced that it will redesign the euro banknotes for 2024.
“The economy of the euro area is recovering from the recession faster than expected”, declared the ministers of the Eurogroup in a joint statement in which they cited the latest forecasts of the European Commission, which reflect a growth of the Gross Domestic Product of the 5% in 2021 and 4.3% in 2022.
According to the ministers, the economy of the 19 countries that share the euro will return to pre-pandemic levels by the end of 2021 in quarterly terms, although with great inequalities in some countries.
This same Monday, the International Monetary Fund confirmed that the euro zone is recovering thanks to the high vaccination rates, but they assure that the headwinds persist that could force them to review and lower the growth prospects in the January forecasts “modestly”.
The ministers added that the support policy should be focused on specific sectors, instead of being generalist, and that countries with high debt, such as Italy or Greece, have less margin with budget spending.
With Reuters
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