EU Ministers Vow Unified Approach to Downturn
Europe will not repeat the mistakes of the past and spend its way out of a recession, eurozone finance ministers said as they rejected calls for a US-style stimulus package to combat the continent's economic slowdown. Instead, attendees of an informal meeting of EU finance ministers in Nice on Friday, Sept. 12, vowed to stick to the rules limiting the size of their budget deficits and to fight inflation by avoiding unjustified public sector wage rises. "Governments have decided not to increase their (budget) deficits because of the crisis," said Jean-Claude Juncker, Luxembourg's Minister of Finance and current President of the European Council.
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