"Mr Almunia (the EU's Monetary Affairs Commissioner) contrasted imbalances in the US economy with what he described as Europe’s “solid, sound fundamentals”.
“We have a positive current account position. We have a level of savings that is the level required to finance our investments. We have improved our fiscal positions a lot. Moreover, we haven’t got subprime mortgages in our financial systems,” Mr Almunia said.
He denied, however, that he was gloating over the US economy’s troubles. “I’m not engaged in any criticism. I’ve simply described the situation,” he told reporters.