EU's Barroso: Europe will avoid recession
The European Union will avoid recession, according to Jos Manuel Barroso, the outgoing president of the European Commission.
Speaking with CNBC's "Squawk on the Street" on Monday, Barroso said that the commission fully supports the European Central Bank's actions to stimulate the region's economy, emphasizing that it should do everything it can. Still, Barroso said the European economy is doing well compared to its past.
"It's true that the growth in the real economy is going slower than expected, but let's not forget where we come from," he said. "We avoided the financial instability, we avoided the sovereign debt crisis. I think that the existential crisis regarding the euro is now over."
Despite these victories, Barroso said the ECB "should use all the instruments available to counter the risk of deflationthat's certainly worrying development recently."
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EU's Barroso: Europe will avoid recession