Author: Great Britain: Parliament: House of Lords: European Union CommitteePublisher: The Stationery Office
ISBN: 0108553582
Category : Business & Economics
Languages : en
Pages : 68
Book Description
The Eurozone has exited recession and there are positive indications of progress in countries such as Ireland, Portugal and Spain; but the report Euro Area Crisis: An Update (HL 163) concludes that the Eurozone remains weak and vulnerable. Despite some countries showing signs of recovery, the report finds that fundamental weaknesses still exist such as: poor growth; huge differences in prosperity between Member States destructively high levels of unemployment; and growing fears of a deflationary spiral. These weaknesses leave the Eurozone extremely vulnerable to future shocks. The Committee also repeats its warning to the Government that the UK is becoming increasingly isolated as the euro area knits closer together. In order to ensure the UK's interests are effectively promoted, the Government and the Bank of England should maintain and develop constructive relationships with the increasingly