Tough year ahead for EU as it faces economic, political, Brexit, climate change challenges
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THE European Union (EU) faces tough economic, political, Brexit and climate change challenges in the coming year. There is also a risk of a surge in oil and other energy prices if the confrontation between the US and Iran escalates.
Despite Christine Lagarde's fairly upbeat tone in her first news conference as head of the European Central Bank (ECB) a few weeks ago, eurozone business growth remained weak in December. Tepid foreign demand exacerbated a contraction in manufacturing and offset a slight improvement in services activity, according IHS Markit's Eurozone Composite Flash Purchasing Managers' Index (PMI). The index hovered at 50.6 - marginally higher than 50, the minimum indicator level for growth.
