EU's Almunia says euro zone recovery taking hold, but urges more action |
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Thu, 31 May 2007 13:32
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BRUSSELS (Thomson Financial) - EU economic and monetary affairs commissioner Joaquin Almunia said a 'strong and sustained' recovery is taking hold in the euro zone, but called for measures that take forward the bloc's progress to date.'A strong and sustained economic recovery is taking hold just as the Economic and Monetary Union approaches its 10th anniversary in 2008,' Almunia said at a conference here.'This is a pivotal moment in the EU's history and therefore seems an ideal opportunity to engage in a serious assessment of how EMU has performed during its first full cycle and to think about an improved policy framework for the future,' he said.Almunia noted that despite the ECB's recent interest rate rises 'financing conditions remain favourable' in the euro zone.He called on member states to use the current upturn to improve public finances and to strengthen their fiscal framework further.He also said the euro group should take on a stronger role in economic governance.'At times, the collegiality necessary for common action has been missing and member states have not always succeeded in coordinating their actions effectively or in ensuring that common interests take priority,' he said.victoria.main@thomson.comvm/jagCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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ECOFIN EU's Almunia says external economic risks have increased in recent months 