An Austrian think tank on Thursday urged the European Central Bank (ECB) to adopt quantitative easing measures as soon as possible to boost economic growth in the euro zone.
The next ten days will be "very crucial" for Europe, said Karl Aiginger, director of the Austrian Institute of Economic Research, adding that such measures should be released "next Thursday" when the ECB decides on its further monetary policy in the single currency bloc.
If delayed until October or November, they would be too late for the current year's economy, Aiginger said, stressing that "the second half of the year will be decisive."
"If the current year results in another zero or even a small minus, then another depression will set in, also psychologically, and companies will continue to hold back from investing," he warned.
The European Union will discuss at a summit to be held on Saturday a public-private investment program proposed by Jean-Claude Juncker, president-elect of the European Commission.
The program, which eyes 395 billion U.S. dollars of investment into the energy sector, is part of Juncker's plan for the "re-industrialization" of Europe.
These decisions are so vital that they prevent the European economy from going into the red, the Austria Press Agency quoted Aiginger as saying.