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Rehn: Europe's fiscal adjustment can slow down

Thursday, Apr 25, 2013 - 01:08

April 25 - The EU's top economic official says Europe can afford to consolidate its public finances at a slower rate. Rough Cut (no reporter narration).

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(ROUGH CUT ONLY, NO REPORTER NARRATION) European Union countries will continue to consolidate public finances, but they can now afford to do that at a slower pace than before, because their previous efforts have won them back some market credibility, the EU's top economic official said. (SOUNDBITE)(English) EUROPEAN COMMISSIONER FOR ECONOMIC AND MONETARY AFFAIRS OLLI REHN SAYING: "We have been clear that the pace of fiscal adjustment should take into account each country's specific economic situation. In line with this policy, the pace of fiscal consolidation is now slowing down in Europe, the pace is slowing down." (SOUNDBITE)(English) EUROPEAN COMMISSIONER FOR ECONOMIC AND MONETARY AFFAIRS OLLI REHN SAYING: "This slowing down of the pace of fiscal consolidation has been made possible by three factors: first, by the increased credibility of fiscal policy which the euro area member states have achieved since 2011, second, by the decisive action the ECB has taken to stabilise the markets; and third, by the reform of EU economic governance, which provides an effective framework for a differentiated fiscal adjustment and the advancement of structural reforms."

Rehn: Europe's fiscal adjustment can slow down

Thursday, Apr 25, 2013 - 01:08

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