Europe now an \\\'emerging country\\\', Davos hears

DAVOS, Switzerland, Jan 22 (AFP): Top bosses and economists warned the global elite on Wednesday not to get over-excited by a gradual economic upturn in Europe, which one chief executive branded an "emerging country."

While the mood of impending doom surrounding the eurozone that stalked Davos at the height of the crisis has abated, staggering rates of youth unemployment and sluggish growth are still battering Europe, delegates heard.

Christophe de Margerie, head of French energy giant Total, said: "Don't take it as being provocative (but) I think Europe should be reclassified as an emerging country."

The continent needs to start from scratch in terms of economic policy to overcome the twin evils of high unemployment and stagnant growth, he added.

Meanwhile, Axel Weber, head of Swiss banking group UBS and a former head of the powerful German Bundesbank, stressed: "The eurozone recovery is no reason to get excited.