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Monday, the European Commission released its interim forecast for the EU and for the Eurozone, in which it kept its outlook unchanged from May's spring forecast.
Gross domestic product or GDP is expected to fall 4% this year in both the Eurozone and in the EU.
"The economic situation has improved markedly since the second quarter, pointing to a better growth outlook for the second half of the year," the Commission said.
However, uncertainty remains rife, and while the recovery may surprise on the upside in the very short term, how sustainable it will be remains to be seen, it added.
Inflation forecast is also kept unchanged at 0.4% for the euro area and 0.9% for the EU.
"The situation has improved - mainly due to the unprecedented amounts of money pumped into the economy by central banks and public authorities - but the weak economy will continue to take its toll on jobs and public finances," said JoaquÃn Almunia, Economic and Monetary Affairs Commissioner.
He noted that there is a need to continue implementing the recovery measures announced for this year and 2010 and accelerate the repair of the financial sector to make sure banks are ready to lend at reasonable terms when companies and households resume their investment plans.
"And we need to define a clear, credible and coordinated 'exit' strategy to put public finances progressively back on a sustainable path and to find the necessary resources to increase Europe's growth and jobs potential."
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