No change to Eurozone austerity targets as region emerges from recession, says IMF

(International Monetary Fund)

There is no need to adjust austerity targets in the Eurozone, said the International Monetary Fund (IMF) today.

The IMF, releasing its latest World Economic Outlook this afternoon, said that fiscal changes in periphery countries do not need to be made unless growth slows markedly.

The region, despite "still being constrained by credit bottlenecks" the IMF said, is "expected to gradually pull out of recession with growth reaching one per cent in 2014".

Jorg Decressin, the deputy director of the IMF's research department, said on the targets:

Only if growth were to disappoint in a major way would one have to go and revisit this... But the pace as a whole strikes us now for this year and next year as appropriate.