War could spark recession in Europe

  • 2003-03-20
  • Michael Thurston
BRUSSELSThe European Commission warned March 17 that economic growth in the 12-member euro zone could plunge into recession because of war in Iraq.The impact on Europe's economy, already at risk of stagnation, could be more powerful than during the 1991 Gulf War, the commission said.If oil prices stay high and economic activity slumps, "a stagnation or even recession in the euro area cannot be excluded," said the commission's quarterly report on the zone. Economic Affairs Commissioner Pedro Solbes said euro-zone growth was "significantly weaker" than predicted in the last report."Economic g...
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