Press conference by Olli Rehn, Vice-President of the EC, on the in-depth reviews of macroeconomic imbalances in 13 Member States
Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, gave a press conference on the in-depth reviews of macroeconomic imbalances in 13 Member States. The in-depth reviews had found that the macroeconomic adjustment in Europe was proceeding, though with differences in nature and pace among Member States. They reviewed point to reductions in account deficits, convergence in unit labour costs, corrections in excessive housing prices and reductions in private sector indebtedness. However, given different challenges and imbalances, cross-country growth differences were expected to persist in the following years.