Prime Minister Mario Monti on Tuesday set out Italy’s priorities for growth in the euro zone, calling for changes in the way budget deficits are calculated and urging the EU Commission to be more active in setting a growth agenda.
Speaking at a conference attended by EU Economic and Monetary Affairs Commissioner Olli Rehn, Monti said the time for studying and talking about how to boost the euro zone’s stagnant economy was over.
“I exhort Commissioner Rehn and the Commission to take a very active and leading role,” said Monti.
He called for changes in EU budget rules to allow governments to pay outstanding bills to the private sector without pushing up their budget deficits, and greater distinction between public investments and other types of spending.
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Showing posts with label Budget Reforms. Show all posts
Showing posts with label Budget Reforms. Show all posts
1/14/12
France To Pursue Budget Reforms Following Downgrade
France's prime minister said Saturday his country will push ahead with cost-cutting measures after its top-tier debt rating was downgraded, a blow with repercussions across financially beleaguered Europe.
Other European countries from Austria to Cyprus assailed ratings agency Standard & Poor's after a raft of downgrades Friday night that renewed questions about the power such agencies wield. The move may make it more expensive for struggling countries to borrow money, reduce debts and avoid a new recession.
German Chancellor Angela Merkel said downgrades of nine eurozone countries underline the fact that Europe has a "long road" ahead to win back investors' confidence. Her own country, the engine of Europe's economy, was not downgraded. Merkel and French Prime Minister Francois Fillon said the downgrades should push European countries to quickly implement a planned pact to strengthen budget discipline. Germany and France have piloted rescue efforts for other eurozone countries as the continent has been swept up in crisis after crisis over the past two years.
For more: France To Pursue Budget Reforms Following Downgrade
Other European countries from Austria to Cyprus assailed ratings agency Standard & Poor's after a raft of downgrades Friday night that renewed questions about the power such agencies wield. The move may make it more expensive for struggling countries to borrow money, reduce debts and avoid a new recession.
German Chancellor Angela Merkel said downgrades of nine eurozone countries underline the fact that Europe has a "long road" ahead to win back investors' confidence. Her own country, the engine of Europe's economy, was not downgraded. Merkel and French Prime Minister Francois Fillon said the downgrades should push European countries to quickly implement a planned pact to strengthen budget discipline. Germany and France have piloted rescue efforts for other eurozone countries as the continent has been swept up in crisis after crisis over the past two years.
For more: France To Pursue Budget Reforms Following Downgrade
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