Strong eurozone growth continues

THE euro-area economy has gone from strength to strength over the last 12 months, growing at well above its long-term average thanks to the cyclical upturn, EMU stability and countries’ structural reforms.

Ireland remains a star performer having increased its budget surplus, together with Spain and Finland, and its growth has been persistently above the average, as has its inflation, the European Commission’s six-monthly report on the eurozone said.

The euro’s global weight has grown too, with about 50 countries using it as the reference currency in their exchange rate regimes while 38.3% of short-term international debt securities in euro, surpassing the share of the US dollar.