Almunia calms concerns over credit crisis impact

Europe's economy should be strong enough to resist the recent crisis on the US mortgage markets but the turbulence could still take a turn for the worse, EU economy commissioner Joaquin Almunia has said.

Speaking to MEPs on Wednesday (5 September), Mr Almunia said the "economic fundamentals of Europe are solid, [and] should not be significantly affected by the recent turbulences and are capable of overcoming the ongoing uncertainties."

But he added that it is too early to forecas...