EUROPE - The outgoing EU commissioner of economic and monetary affairs Pedro Solbes said that structural reforms such as pension reforms were crucial for Europe at the current juncture.
Solbes, who will be leaving shortly to take up the post of vice president and finance minister in the new Spanish government, said that cannot be more growth in Europe without its second pillar of economic strategy - pensions, labour and market reforms.
“In the commission’s view the road to growth goes through difficult decisions on structural reforms and not through short term measures that pretend to stimulate demand and certainly not policies that deteriorate our public finances and create debts for future generations,” he said.
Solbes added that road to euro and to more growth and jobs goes throughout - growth and stability oriented macroeconomic policies, economic reforms to raise their growth potential and policies that strengthen sustainability.
“Reforms are not made in order to endanger our social acquis. They are made in order to create more growth and more jobs; in fact better jobs. They are made in order to allow Europe to be at par if not ahead of other developed areas in the world in economic terms. In order to create more wealth. In order to make sure that we can play our role in helping out the developing countries,” he said.
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