The EC predicted that the eurozone economy will grow by about 0.7% in the three months ending in June.

Unemployment in the euro region remained at a threeyear low in November, and German investors were at their most optimistic in two years in January. This may give the ECB room to raise interest rates in the coming months, having left them at 2.25% last week.

The eurozone economy grew by 0.6% in the third quarter of last year, according to the latest "gures from Eurostat. Exports increased 3.3%, investment grew by 1.3% and consumer spending by 0.3% percent.