By Prensa Latina,
Brussels : European Finance ministers asserted Friday that an economic decline propelled by the United States has pushed great part of the region right to the edge of recession, as officially reported by the countries of the area.
Media said that during a meeting in Nice, France, executives and those in charge of monetary policies are analyzing strategies to face up to a delicate situation, an approach that was a remote possibility for a large number of people.
Markets have predicted that the ministers would adopt the strategy of not implementing important monetary changes.
The European high inflation is the main cause of passiveness faced with the danger of a shaky economy, the experts said.
The ministers asserted that another determining factor is the reticence to challenge the European Union’s budgetary regulations, increasing public expenditure just as the United States has done.
Jean-Claude Juncker, Luxembourg’s Prime and Finance Minister, who also chairs the Euro Gorup financial sphere, said weakness of the European economic growth is considerably worse than that estimated few months ago.
But EU Central Bank President Jean Claude Trichet said the pace of the upward trend in prices is a full-scale problem, which determines the tax policy, despite the slowing down of economies.