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EC to set out new eurozone plans

Policymakers at the European Commission (EC) are expected to focus on growth as opposed to austerity in the eurozone over the coming months.

The body is scheduled to unveil its plans for the economic bloc later today (30 May) and there is a view among analysts that it will seek to boost expansion across the area instead of implementing more cost-cutting measures, Reuters reports.

It is thought that officials are eager to strike the right balance between encouraging growth and further monetary consolidation as they recognise this as the only way eurozone debts can be reduced.

Within the report, the EC will give details of its specific recommendations for each individual European Union (EU) country - as well as those in the eurozone - which will then become binding for member states after ratification by EU leaders.

This comes after Spanish prime minister Mariano Rajoy insisted his country's banking system will not need an international bailout in the near future.

By Asim Shah