EU leaders have "full confidence" with the fundamentals of the European economy, which they consider "excellent," Swedish Prime Minister Goeran Persson said at the conclusion of the EU summit.
Persson said the 15-nation bloc has made good progress on reducing debt, public deficits and unemployment.
Conditions for growth are "excellent," the prime minister said, despite indications that Europe might not be immune from the slowdown now hitting the US and Japanese economies.
"We must take into account the world around us and the US and Japanese economies," he said, "but Europe is in a position to choose its way forward."
German Chancellor Gerhard Schroeder was equally confident, saying the European economy "remains on the path to robust growth ... The fundamental elements of our economy are bright." AFP