WASHINGTON–U.S. Treasury Secretary Jacob Lew said Thursday the euro zone's recession "seems to be ending," despite high unemployment levels in the hardest-hit countries.
"Having made significant progress on achieving financial stability, Europe is now in a position to place greater priority on boosting demand and employment," Mr. Lew told the House Financial Services Committee in prepared remarks.
Although there are signs that contraction in the currency union's growth has bottomed out, many economists say there are still significant risks that could undermine the region's outlook.
New data out earlier in the day showing industrial output in the 17 countries that share the euro fell sharply in October, a development that raises fresh questions about the sustainability of a return to economic growth.
wsj.com
"Having made significant progress on achieving financial stability, Europe is now in a position to place greater priority on boosting demand and employment," Mr. Lew told the House Financial Services Committee in prepared remarks.
Although there are signs that contraction in the currency union's growth has bottomed out, many economists say there are still significant risks that could undermine the region's outlook.
New data out earlier in the day showing industrial output in the 17 countries that share the euro fell sharply in October, a development that raises fresh questions about the sustainability of a return to economic growth.
wsj.com
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