Seizing the moment to boost growth: 9th May message from the College
I am pleased to see the new momentum that is building in Member States to kick-start the engine of European growth
On Tuesday the College of Commissioners discussed a paper entitled "Action for growth and action for jobs". After the debate President of the European Commission José Manuel Barroso said: "We have a twin track approach of stability and growth that has been always at the heart of our response. Now, firstly there must be no let-up in our focus on stability. Reducing debt and deficits is essential to build confidence and cut borrowing costs. Every euro spent on interest payments is a euro less for jobs and investment."
"Secondly, there must be acceleration in structural reforms. Member States should reduce taxes on labour to stimulate job creation."
"Thirdly, we need to step up investment. I am pleased that after the European Council has already called for approval of the project bonds, the proposal is on track, meaning that a contribution of €230 million from the current EU budget could be used to attract funding of up to €4.6 billion over the next two years for key infrastructure projects. I also want to see an increase in the lending capacity of the European Investment Bank. Boosting its paid-in capital by at least €10 billion would make available much needed funding in support of job creation, particularly if targeted at small businesses. I want to see this agreed at the next European Council. And if we are serious about investment for growth, we need to agree an EU budget for the next seven years that shifts the focus of spending to growth enhancing measures."
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