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Sarkozy says eurozone's financial crisis over, economy recovering

English.news.cn   2012-03-27 21:57:08            

PARIS, March 27 (Xinhua) -- French President Nicolas Sarkozy said on Tuesday the eurozone's financial crisis was ended and economy of the single-currency bloc was recovering.

In an interview with the regional daily Ouest-France, the incumbent head of state said that confidence in European financial markets was restored after month-long of volatility and morosity.

"I think we came out of the financial crisis, that confidence is restored and we are in the process of economic recovery," Sarkozy said, adding "Europe has an economic government which overcame the Greek crisis."

In a statement released in Brussels on the same day, the Organisation for Economic Cooperation and Development (OECD) said the eurozone's debt crisis is far from over despite improving market confidence which remains "fragile."

The Paris-based economic think tank urged "ambitious structural reforms" of labor market and tax to accelerate growth and bolster competitiveness.

The OECD expected a 0.2-percent economic growth in the single-currency area in 2012, a more optimistic prediction than a "modest recession" forecast by the International Monetary Fund (IMF) and the European Commission earlier this year.

Special Report: Global Financial Crisis

 

Editor: Chen Zhi
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