"The European Union and the euro-zone keep a fast growth rate, which should reduce the unemployment rate and the mean public deficit to levels that had not been recorded for a long time". Joaquín Almunia, commissioner for economic and monetary affairs, comments the springtime budget report, the traditional EU event that takes stock of the economic trends and outlines the likely medium-term scenarios. According to the Executive, the 27-member EU will grow by 2.9% in 2007 and 2.7% in 2008, mostly driven by "more substantial" private investments and consumptions. For the 13 countries that use the single currency, such growth will be just slightly lower: 2.6% in the current year, 2.5% in 2008. Then, Almunia explained that the Commission revised the autumn figures, which were half a point lower than these. From this perspective, the Union "should be able to create an overall number of nearly 9 million new jobs between 2006 and 2008". According to the Budget report, "the public finances will keep improving because of the current recovery: the deficit of the public administrations is expected to stop at about 1%" across the EU, "a level that had not been recorded for years". (continued)
