The European Commission said the euro-zone economy willvirtually grind to a halt next year as the debt crisis ravagessouthern Europe and gnaws at the economic performance ofexport-driven Germany.
The 17-nation euro economy will expand 0.1 percent in 2013, downfrom a May forecast of 1 percent, the commission said today. It cutthe forecast for Germany, Europe's largest economy, to 0.8 percentfrom 1.7 percent.
“Europe is going through a difficult process of macroeconomicrebalancing and adjustment which will last for some time still,”European Union Economic and Monetary Commissioner Olli Rehn toldreporters in Brussels. The economy is “sailing forward throughrough waters.”
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