The European Commission has cut its growth forecast for the eurozone.<br /><br /> The EU executive now predicts 1.6 percent growth this year, down from from a previous forecast of 1.7 percent.<br /><br /> The EU executive also lowered its forecast for entire eurozone area for next year.<br /><br /> Officials believe growth will be 1.8 percent in 2017, down from an original forecast 1.9 percent three months ago.<br /><br /> The Commission also called on spendthrift countries to keep their deficits under control, reduce public debts and carry out necessary structural reforms.<br /><br /> France, Italy, Spain and Portugal are set to miss European Union budget targets this year and next without urgent government action, the European Commission forecasts showed.
