EU-Digest
Jean-Claude Juncker, the prime minister and finance minister of Luxembourg who also chairs the 16 member state Eurozone finance group rejected any easing of the requirements for joining the eurozone and increased economic stimulus measures as suggested by the US. Speaking after last nights meeting Juncker said:" “We don't feel we need to pile deficit on top of deficit and add further to our debt and we do not want to give the impression that we are considering putting together other recovery packages."
His comments came after Larry Summers, director of the US National Economic Council, in an interview with the Financial Times said that, "governments should pump more public money into their economies in fighting recession. In response Junker noted “Recent American appeals” for a European budgetary effort are “not to our liking."
Finance ministers from the euro zone were preparing their position for those G20 meetings at Monday's talks in Brussels, and were due to widen their advance deliberations today with colleagues from the entire 27-country European Union. A document they are expected to approve makes clear that Europe feels it has announced sufficient fiscal stimulus for now and wants the focus on rolling out all those measures rapidly and in a coordinated manner. The Euro zone position is seen by most economic experts as a good move to safeguard long term stability and growth in the Euro zone.
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