European Union leaders are set to declare today that although positive signs are emerging in the European economy, the recovery is fragile and a message ofconfidence is needed to boost growth.
A draft statement on "relaunching the European economy" to be issued at the end of a two-day summit said: "After a period of uncertainty, some positive signs are emerging in Europe.
"An improvement in the international economic environment,low levels of inflation, stabilised oil prices and betterconditions in the financial markets are key factors behind apick-up in economic activity, which is expected to strengthen inthe course of 2004," according to the draft obtained by Reuters.
"Since the situation remains fragile, a message ofconfidence in the European Union's economic potential isneeded," the draft added.