"No economic growth is now expected in the current and coming quarters," states the press release of the European Commission (EC) announcing its economic forecast for the European Union (UN) for the end of 2011 and the next two years.
"Continued uncertainty in financial markets relating to the sustainability of public finances in some euro area economies as well as fears of contagion affecting the core euro area countries will contribute to subdued growth. The global economy's weakness, including of some of the most important partners for the EU, will reinforce this trend," the EC press release states.