European Commission optimistic on recovery

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Joaquin Almunia, the European Union's (EU) commissioner for economic and monetary affairs, said on Tuesday that the EU economy can be expected to grow by 0.75% next year, and by 1.5% in 2011 after a contraction of some 4% over the course of 2009.

In a press conference in Brussels, Almunia said the recovery "owes much to the ambitious measures taken by governments, central banks and the EU that have not only prevented a systemic meltdown but have kick-started the recovery. He added, however, tha

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