Gloom Spreads in EU's economies

The Spanish economy has been a strong point for the EU for quite some time with higher than average growth rates. However, for the first time in fifteen years the Spanish economy experienced a downturn and that gave economists some worry that the country is inching ever closer to a recession. This also puts more pressure on the European Central Bank to cut the interest rates to try and prevent the recession. Some economists believe that the onset of the global financial crisis was the reason for Spain's decade long housing boom was brought to a halt and that it is causing the overall downturn of the economy. Not helping the case for Spain to be saved from recession is the fact that inflation has fallen all across Europe and employment has risen.