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Retail sales in the 16 countries that use the euro dropped by 0.7 percent in September, European Union statistics showed Thursday, evidence the economic recovery will be slow and bumpy.
Finance ministers from the 16 nations that use the euro meet for talks late Monday as the shared currency's rise against the dollar hits European exports, endangering the continent's fragile economic recovery.
The head of the European Central Bank said Thursday that the 16 countries that use the euro should withdraw stimulus programs and start repaying mounting public debt by 2011 at the latest.
Plunging oil prices sent euro-zone inflation negative in June, the EU statistics agency Eurostat said Wednesday.
Deepening the economic gloom in Europe, the European Union admitted Monday that its previous forecasts were way off the mark. It now predicts "a deep and widespread recession" across the continent and says unemployment among nations using the euro currency will rise to a postwar record of 11.5 percent in 2010.
Confidence in the EU economy sank to a record low in December, the European Commission said Thursday, while official data confirmed the 15-nation euro zone officially slipped into recession in the third quarter.
European Union businesses called on EU governments Wednesday to buy up company debt to ease financing and help prevent bankruptcies as the economy shrinks.
A sharp drop in investment forced the euro-zone economy to contract in the third quarter, the EU statistics agency Eurostat said Thursday.
Unemployment in the 15 nations that share the euro shot up to 7.7 percent in October — the highest level in two years — as growth dropped sharply, the EU statistics agency Eurostat said Friday.
European Commission President Jose Manuel Barroso called on EU leaders Tuesday to avoid nationalist, protectionist policies, ahead of a summit this week meant to forge agreement to set out a single energy policy for the bloc.
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