Informal Meeting of Finance Ministers: extracts from the joint press conference by Anders Borg, Swedish Minister for Finance and President in office of the Council, and Joaquín Almunia
The Economic and Financial Affairs Council (ECOFIN) met for an informal meeting in Gothenburg, Sweden, on 1 and 2 October 2009, four days after the end of the G20 Summit in Pittsburgh.
In the course of this two-day meeting, EU Finance Ministers and Central Bank Governors discussed how to restore the public finances to good order when the need for support measures recedes and how to create frameworks that can prevent such a widespread crisis from recurring. They also discussed how to prevent unemployment becoming entrenched and how to stop climate and environmental change.
The Swedish Presidency indicated its willingness to push ahead measures that would facilitate sustainable recovery.
In a press conference, Anders Borg, Swedish Minister for Finance and President in office of the Council, said the economic and financial crisis had been halted by bold and decisive actions from policy makers and that it would be wrong to withdraw the expansionary stimulus measures at the current juncture. He added that it is necessary to keep the economic policy in general terms expansionary at the current juncture to be sure that the tentative recovery is turned into a real and strong recovery. He explained that at the same time, this is the right time to start to design and communicate credible exit strategies
Joaquín Almunia, Member of the EC in charge of Economic and Monetary Affairs, said that the November EC forecast would help the decision on when the exit strategy should start to be implemented. He added that provided this scenario will give the feeling that the recovery takes hold in 2011, this year should be the moment when the withdrawal of stimulus should gather momentum. SHOTLISTLINK