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Will the Eurozone area have two consecutive quarters of negative growth in 2014?
France and Germany earlier this week agreed further integration for the eurozone area – without the reopening of the European Union treaties.
The proposed expansion of spending is a direct challenge to "the whole philosophy of economic governance and rules governing the eurozone area," he said.
Critics of the IMF have accused the organisation of doing more to delay the recovery of the eurozone area by imposing strict repayments schedules on indebted countries.
France must implement labour market reforms and revamp its education system to revive growth, while Germany must accept that more investment instead of austerity can boost growth across the eurozone area, the centrist politician said.
HM Treasury agreed that the eurozone area, Britain's largest trade partner, is a "growing risk", saying: "We have to recognise that the UK is not immune to these problems, which is why we will continue working through the plan that is building a resilient economy".
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The latest data ties in with forecasts of slower fourth-quarter growth in the eurozone currency area as it faces up to a potential debt crisis.
Its neighbors in the eurozone common currency area have a role since the euro is the currency and the European Central Bank sets monetary policy.
Photograph: /ECB 10.07am BST Money flows into the eurozone The euro area notched up a trade surplus of €16.9 bn (£26.bn) in June 2013, the European Central Bank reported this morning.
Critics have pointed to his silence about the eurozone crisis – an area in which he apparently lacks expertise or confidence, unlike Germany's previous president, Horst Köhler, an economist.
This note attemps a concise yet comprehensive overview of the crisis still facing the eurozone, in the areas of competitiveness, fiscal policy, and banking.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com