EU still in growth phase

Belgian finance minister Didier Reynders said the EU is still in a phase of economic growth.

"We have just been through a phase a stronger growth, which can give the impression that we are now in recession. But we should not lose sight of the fact that growth is still here, even though we cannot predict what the international situation will be next year," he said.

Reynders also said the ECB still has room to ease monetary policy further.

"In the euro zone, the ECB still has room for manouevre, which must be preserved by not letting deficits slip," he said.

Given expectations that inflation will continue to fall, "there could be another rate cut in coming weeks or months," Reynders said.