The "bleak horizon" depicted by commissioner Almunia concerns Europe, but it does not spare the other global competitors either. "Prospects have grown considerably darker when the economy of the European Union was affected by the crisis of the financial markets that worsened in Autumn, and this affects the confidence of companies and consumers". So far, added Almunia in presenting the Commission’s Forecasts, "the developing economies are holding out better than those of the EU and the United States, but they will not probably get out of this unharmed". So, the Spanish commissioner warns that "a EU-wide coordinated measure is needed to sustain real economy" "like the one taken on the financial front". Almunia mentions the proposals put forward by the EU Executive last week "to boost investments and sustain employment and demand". A glance at the international picture reveals a remarkable slowdown: after global growth rates of 5% in 2004-2007, they would now decrease to 3.7% in 2008 and 2.25% in 2009. "In 2010, growth should resume as the financial markets become steadier". ” ” ” “
