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European economy could start recovery this year, commissioner says

Mohit Joshi 27 February 2009

Madrid - The European economy could start recovering from its downturn already this year, European Economic and Monetary Affairs Commissioner Joaquin Almunia said Friday.

Almunia, who was attending an event to mark the 10th anniversary of Spain's entry into the European Monetary Union, linked the recovery to a rapid application of support measures to the financial and other sectors.

Measures against the crisis needed to take into account its "important" impact on the economy, financial system and social framework, Almunia advised.

However, protectionism "only weakens demand," he cautioned. (dpa)

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