Barroso: EU will have 'modest growth'
The head of the European Commission Jose Manuel Barroso has said he does not expect Europe to slide into recession.
Speaking on a visit to Australia he said the latest forecast shows there will be "modest growth".
His comments come after last week's remarks by the ratings agency Standard and Poor's which suggested the Eurozone could be in for a double-dip recession after a slowdown in the second quarter.
In a bid to reassure nervous markets, Mr Barroso said the European Union and the euro are "strong and resilient."
He also stressed the need to strengthen the international monetary system and continue financial regulatory reform to help prevent any further economic crisis.
