Olli Rehn on 'mild and short-lived' EU recession

Olli Rehn, the European Union's monetary affairs chief, said that the economy of the 17 countries that use the euro is in a "mild and short-lived" recession.

The European Commission forecasts that the eurozone economy will contract by 0.3% in 2012 and grow by 1% next year.

Mr Rehn said "some members are virtually in full employment while some others are suffering from rising unemployment".