Gloomy times ahead for EU economy, according to European Commission

THE European Commission will issue a gloomy forecast for the European Union economy when it makes its annual report tomorrow.

Ireland, however, is one of the few countries to which it gives a clean bill of health for the coming year, though it will warn on keeping public expenditure under control.

The report, a draft of which has been seen by the Irish Examiner, will say that half of all the EU member states are at risk of spending more than they can safely fund.