BRUSSELS, July 10 (Xinhua) -- Finance ministers of the 19-country Eurozone mulled on Monday to adopt a more appropriate phrase to describe its better-than-expected economic performance.
"We had some debate on whether we can still talk about the recovery phase or whether we are now in the expansion phase," the Eurogroup Chief Jeroen Dijsselbloem told a press conference following a monthly Eurogroup meeting.
The discussion stemmed from the fact that the finance ministers have seen 16 consecutive quarters of growth in the single currency zone when they were scheduled to take fiscal stance for next year, said Dijsselbloem, who is also Dutch finance minister.
"The output cap is closing, and for some countries has already closed. The risk of deflation is disappearing and there is no direct sign of overheating in our economies," he said.
Based on the performance, both the European Commission and the European Fiscal Board have advised a broadly neutral stance, the Eurogroup president added.
The chief said that the economic situation would be taken into consideration when finance ministers prepare national budgetary plans.
