Business and consumer confidence plunged in the 15 countries using the euro in July, hitting the lowest level in more than five years, the European Commission said Wednesday.
The European economy is slowing as soaring fuel and food prices slam the brakes on growth, and amid tight borrowing conditions triggered by the global credit crisis and a slowdown in major trading partners, Britain and the United States.
The EU figures add pressure on the European Central Bank to hold off from further interest rate increases. In an effort to cool record-high inflation, it raised its key borrowing rate from 4 percent to 4.25 percent in June.
Central banks …






