Luxembourg Finance Minister, Jean-Claude Juncker reportedly said on Monday that rising unemployment in Eurozone amid financial and economic crisis is pushing the region towards a social crisis.
After chairing a regular monthly meeting with Eurozone finance ministers, Juncker told a news conference in Brussels that they are not planning to boost fiscal stimulus measures despite a deep recession.
The European Commission had sharply lowered the GDP outlook for the euro area in its Spring Forecast on May 4. The 16-nation euro area is now expected to contract 4% in 2009 and 0.1% next year. The euro area unemployment rate is forecast to rise to 11.5% from 9.9% this year.
Ministers of Finance and Economy from the European Union's Member States will meet in Brussels on May 5. The ECOFIN meeting will be chaired by Czech Finance Minister, Miroslav Kalousek.
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