EU Almunia: Unsure EU Econ Strong Enough To Withdraw Stimulus

BRUSSELS -- The European Union economy likely still needs help from central banks and government stimulus spending, European Commissioner for Economic and Monetary Affairs Joaquin Almunia said Wednesday.

Almunia, speaking to the European Parliament in Strasbourg, added that finance ministers from the Group of 20 largest economies agree it is too soon to withdraw economic stimulus measures. Leaders from the G20 countries are expected to endorse this approach at a summit in Pittsburgh next week.

"We are not yet able to ensure that economic activity can stand alone without recourse to such stimuli," Almunia said, according to a text of his speech.

The European Commission earlier this week said support from central banks and national governments should help the E.U. economy expand by about 0.4% next year after contracting 4% this year.