EU’s Almunia: Bottom is closer and closer

European Monetary Affairs Commissioner Almunia says the European economy is in its deepest recession since WW11 and growth rates will only turn modestly positive in the second half 2010.

However the official feels “the bottom is closer and closer and thanks to fiscal stimulus and monetary stimulus…..we will avoid any new falls.”

Regarding the latest EU commission growth forecasts, Almunia says “I hope this will be the last downward revision of our forecasts during this period of crisis.”

And so say all of us!!!!!