The general Directorate for the economy of the European Commission has published its quarterly report on the trend of the economy for the twelve countries belonging to the eurozone. The document emphasises the positive data for the year in course. The growth of overall GDP (gross domestic product) is expected to reach 1.7%, a percentage higher than the forecasts of 2003, accompanied by reinforced business confidence. In spite of that, the report draws attention to the worrying situation of budget deficit in the eurozone, which, in spite of the rules of the Stability Pact, continues to hover round the threshold of 3%, and exceeds it in the case of some countries. So, while the Economic and Monetary Union (EMU) has given proof of resisting the negative global economic climate, the Commission is asking member states to make a “supplementary effort” to respect the commitments signed up to at Maastricht. The report can be consulted on the website: http://europa.eu.int/comm/economy_finance/publications/quarterly_report_on_the_euro_area_en.htm
