GERMANY: E-M-I EUROPEAN UNION ECONOMIC GROWTH REPORT

Описание: (5 Apr 1995) English/Nat

Economic growth prospects for 1995 in the European Union are generally bright, according to a report published by the European Monetary Institute (E-M-I).

However the Institute is pointing to several warning signs such as high unemployment, governmental fiscal deficits and high levels of public debt.

In its first annual report, the E-M-I has expressed tempered optimism over the prospective growth of the economies of the European Union.

The institute was set up in January 1994 to pave the way for the
planned single European currency and supervise the convergence of Europe's economies.

In the report, it states that economic activity is growing faster than expected, resulting in generally bright prospects for the members of the European Union.

However, at a news conference Tuesday, the EMI President had some warnings to make.

SOUNDBITE:
Which is an area of genuine concern and that is the exchange rate turbulences which started with the quite substantial decline in the dollar, Mexican crisis, the bearish sentiment of markets regarding the dollar and which this development than spilled over to currency markets around the world. It had a marked depreciating effect on the
yen and on the deutsche mark and it also had a somewhat distracting
effect on the European exchange rates."

SUPERCAPTION: A. Lamfalusy, President of the EMI Despite these negative aspects, the overall picture is positive.

The Institute plans monetary union in Europe in 1999 at the latest.

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