INTEREST RATES AT ECB EXPECTED TO REMAIN ON HOLD. The European Central Bank (ECB) is expected Thursday to leave interest rates on hold at their historic low of 1 per cent, but to raise its economic growth forecasts amid signs that the recession could be starting to draw to an end. In particular, this follows the release of figures Wednesday by the European Union's statistics office Eurostat confirming that the eurozone's two biggest economies - Germany and France - climbed out of recession ... Read More

EU EXPERIENCING INCREASE IN UNEMPLOYMENT European unemployment rose in July, data released Tuesday showed, despite signs that the recession was starting to loosen its grip on the region's economy. Unemployment in the 16-member eurozone hit a more-than 10-year high in July, Europe's statistics office Eurostat reported. The numbers of the out of work in the broader 27-member European Union (EU) edged up to 9.0 per cent in July, compared with 8.9 per cent in June. EU unemployment came in at 7.0 per ... Read More

EUROPE ON ROAD TO ECONOMIC RECOVERY While the European Union (EU)'s statistics office Eurostat confirmed a preliminary estimate that the 16-member eurozone contracted by just 0.1 per cent in the second quarter, it revised marginally upwards the gross domestic product figures for the broader 27-member EU. Instead of contracting by 0.3 per cent, Eurostat said that the EU economy slumped by 0.2 per cent in the three months ... Read More