Brussels, 06/10/2010 (Agence Europe) - On Tuesday 6 October, the European Commission published the third quarter of 2010 edition of its quarterly report on the eurozone, highlighting that the corporate balance sheet adjustment in the private sector will continue to affect economic recovery despite the return to growth and higher productivity in most eurozone member states. The effect of the adjustment process may be reduced if prices and pay are set at appropriate levels and stimulate competitiveness, but there are few signs of this to date, notes the Commission, which calls for further effort. The report says that the Greek economic adjustment programme may rapidly bear fruit, given the encouraging signals from Greek exports. Real house prices in the eurozone have fallen significantly since the beginning of the economic crisis: “They now appear to be much closer to their equilibrium values (in the eurozone) than in the US or in the UK, notwithstanding considerable heterogeneity between member states”. (M.B./transl.fl)