Europe did not see recession coming, admits eurozone chief

8220;We were badly mistaken with the different sequences of this crisis,8221; said Jean-Claude Juncker, who is also the premier and finance minister of Luxembourg.

8220;The headwinds we were facing turned into a veritable storm,8221; he said, in reference to the way the crisis burgeoned in the United States before spreading world wide.

But he warned that 8220;now is not the moment to sit on our hands8221;. Juncker urged nations that are able to take 8220;targetted measures so as not to slip toward a prolonged recession8221;, adding that Europe8217;s response to the crisis should not simply consist of calling for the eurozone8217;s fiscal rulebook to be adhered to.