Oil prices fail to change EU GDP target

EU Energy and Transport Commissioner Ms Loyola de Palacio has said the European Commission's eurozone GDP growth estimate remains.

She said the 1.7% forecast for this year remains valid despite the risk that high oil prices may hinder economic growth.

Ms de Palacio said the EU experienced higher than expected growth in the first months of the year.

But she warned that higher oil prices will have an impact on growth.

However she said she expected the euro's rise against the dollar to cushion the blow.

On the use of energy and renewable energy, she said Europe had to focus on improving efficiency.

When asked about nuclear energy, Ms de Palacio said the technology "can't be ignored".