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Eurozone economic recovery 'gaining momentum'

12 April 2011
Conditions in the employment market across the eurozone could be set to improve after officials said their economic recovery plan is going well.

Olli Rehn, the economic and monetary affairs commissioner at the European Commission (EC), acknowledged that the global economic outlook remains somewhat uncertain.

This, he said, is partly due to circumstances such as the recent earthquake and tsunami in Japan, as well as political upheaval in north Africa and the Middle East.

However, Mr Rehn insisted that the EC does not believe these circumstances will derail the economic recovery in the eurozone.

Indeed, he said the upturn is "gaining momentum and is becoming more self-sustained".

Similar optimism was expressed by Jean-Claude Trichet, president of the European Central Bank, who said "sound financial and macroeconomic policies" are vital for creating new jobs in the region.

This echoes recent observations from the Organisation for Economic Co-operation and Development, which said the global recovery is becoming self-sustained.

Posted by Alex Donnell
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