Euro-zone economy to grow stronger, says ministers

Euro-zone economic growth was likely to grow stronger in the first half of this year, after the weak phase seen in the fourth quarter of 2005, finance ministers from the 12 countries using the euro currency said here Friday.

"We expect the economic revival to become yet stronger, and in the course of the first half of the year, we will reach an acceptable level of growth," Euro-group President Jean-Claude Juncker, who is also Luxembourg's prime minister and finance minister, told a news conference held after the ministers' meeting.

At the same conference, the optimism of Juncker was echoed by EU Economic and Monetary Affairs Commissioner Joaquin Almunia, who said the euro zone economic outlook was better than it had been for some time, with the balance of risks pointing towards the positive side.

Almunia also cited the half percentage point reduction in the euro zone's unemployment in February over the last year as evidence.

The European Commission, the executive arm of the European Union (EU), predicted last month that growth in the euro zone would rise to 1.9 percent from a poor 1.3 percent showing in 2005.

The ministerial meeting is due to expand to all 25 EU finance ministers and central bankers on Saturday and Sunday including many of their counterparts from 13 Asian nations, including China, Japan, Korea and Thailand.

Source: Xinhua