EUROPE ROCKY ROAD TO RECOVERY

From the global perspective the economic outlook is promising growing demand and trade, Also in terms of the EU's economic outlook the funda mentals are healthy and if is an encouraging sign that real interest r ates were clearly lower at the beginning of 1996 than they were twelve months ago, In plain figures economic growth will remain fairly modes t for some time to come, There is, however, little evidence of a major risk of a renewed recession in Europe.