Brussels, 04/11/2013 (Agence Europe) - On Tuesday, the European Commission will unveil its autumn economic forecasts and analysis of member states' budget plans for 2014.
The Commission hopes to be able to confirm that the economy is picking up in the European Union, despite the fragmentation of banking in the eurozone and the continuation of budget consolidation policies, although at a slower pace. In the spring, it forecast that GDP would fall by 0.4% in the eurozone and 0.1% in the European Union as a whole in 2013 (see EUROPE 10840). All eyes are on the inflation figures given that the EU's statistical office, Eurostat, has revealed a sharp fall in annual inflation to just 0.7% in the eurozone in October.
There are currently excess deficit proceedings in operation against 16 countries - Austria, Belgium, Denmark, the Czech Republic and Slovakia (which have until 2013 to bring their public deficit back below the 3% cut-off point); Malta, the Netherlands and Poland (2014); France, Ireland, Portugal, the United Kingdom and Slovenia (2015); - Cyprus, Spain and Greece (2016). (MB/transl.fl)