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Eurocommission upgrades EZ forecast

The European Commission revised up its euro zone growth forecasts for 2014 and 2015 as the economic recovery is "gaining ground". The Commission said the 18-nation eurozone would grow by 1.2% this year and 1.8% next year. In both cases, the figure was 0.1 p.p. higher than in earlier predictions.

"Recovery is gaining ground," said Olli Rehn, commissioner for economic and monetary affairs. "The worst of the crisis may now be behind us." However, he also warned that the recovery was "still modest". "To make the recovery stronger and create more jobs, we need to stay the course of economic reform," he added.

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