EC vice president says Europe at risk of third recession

Crisis hit Europe "worse than any other region in the world"

29 September, 15:05

    EU flags stand on a table during a photo opp EU flags stand on a table during a photo opp

    (ANSAmed) - MADRID - The Eurozone "is not safe from the risk of a third" recession, European Commission Vice President Joaquin Almunia said Monday at the Foro Nueva Economia in Madrid.

    Almunia, who is also in charge of EC competition policy, said economic crisis hit Europe "worse than any other region in the world," "has suffered two recessions", and "is not safe from the risk of a third".

    "It is difficult to maintain competitiveness not only for the emergence of new economies, but also because large European industrialized countries have shown smaller productivity growth and more rigidity," added Almunia.

    Almunia warned that Europe could face a political crisis in the near future - a development that should be avoided, in his opinion.

    "This feeling of alienation and de-legitimization opens the door to populism and generates tensions," Almunia said.

    "And you begin to hear voices that call into question the very foundations of parliamentary democracies". (ANSAmed)

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