BRUSSELS (AFX) - The European economy will remain in good shape despite the U.S. slowdown, European Commissioner Pedro Solbes will tell ASEM finance ministers this weekend in Kobe, Japan. So said Joly Dixon, a commission official in charge of international relations.
"The European economy will remain in good shape, even when taking into account the effects of the slowdown in the U.S. and last year's oil price shock. The European economy will play its role in curing the imbalances in the world economy," a statement to be made by Solbes said.
"The European economy is robust... I don't think it (a hard landing by the U.S. economy) is likely. Even if there is a hard landing, that would not change our forecasts drastically. The forecasts depend mainly on internal factors," Dixon said. Solbes will also tell the ASEM meeting the euro still has room to appreciate.
"The euro's current upswing has driven it closer to its fundamentals, but there is still room for further appreciation. That it the message we will give," Dixon said.
ASEM stands for the Asia-Europe meeting, which includes the EU 15, Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam, China, Japan and South Korea.