Secondly, lots of negotiations over Brexit between EU and Britain await. Since the Conservative Party led by British Prime Minister Theresa May lost its majority in British parliamentary elections in early June, the situation has become increasingly ambiguous.

Observers said British voters are concerned about May's "hard Brexit" approach of leaving the EU's single market and imposing restrictions on immigration.

The Organisation for Economic Cooperation and Development (OECD) predicted that the British economy would slow down next year because of the uncertainty created by the Brexit negotiations.

However, to what extent Brexit would practically affect EU economic growth remains unclear. As the negotiations advance, the financial sector and real economic sector in the EU would respond, for example, by further relocating their business.

In addition, the EU still faces massive challenges in deepening structural reforms both at the EU and national level, which is considered the only way to lead cyclical recovery to structural recovery in Europe.

"We need to ensure convergence between member states towards more resilient economic structures. The bulk of economic and social policies is and will remain at the national level, and there is no doubt that we need a continuous commitment to structural reforms," EU Vice-President for the Euro and Social Dialogue Valdis Dombrovskis said.

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