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Rehn Says Europe to See Subdued Recovery in Second Half of Year

May 17 (Bloomberg) -- Europe’s economy will begin to slowly recover later this year, provided governments take action to reduce debt, European Economic and Monetary Affairs Commissioner Olli Rehn said.

“A slow and subdued recovery will begin in the second half, but that is only going to happen if decisive action” is taken on public finances and “confidence eventually returns to the European economy,” Rehn said today at an event in Oxford, England.

He also praised Spain’s government for acting strongly to bring down debt and shore up the nation’s lenders.

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To contact the reporter on this story: Scott Hamilton in London at shamilton8@bloomberg.net

To contact the editor responsible for this story: Jeffrey Donovan at jdonovan26@bloomberg.net

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