Speech at the "Mission Growth" Conference
In the speech that opened the "Mission Growth" conference, President Barroso said: "Now is the moment to go further with our actions for growth for the benefit of Europe's citizens. Now is the moment to demonstrate that "Mission Growth" is not "Mission Impossible" but it is "Mission Unstoppable" and that Europe is able to deliver." He also stressed that stability and pursuing sound public finances is not an option: but a necessity. "We will not have sustainable growth as long as we have unsustainable debt," said the President.
"To this end, we will continue pursuing our roadmap for financial stability, ranging from the finalisation of the pending proposals on regulation and supervision, like the Capital Requirements Directive, to banking recapitalisation and banking resolution. Indeed, we are now finalizing a very important proposal on legislation on a common framework for the recovery and resolution of banks and investment firms," the President continued.
The Commission will also monitor the impact of tight budget constraints on growth enhancing public expenditure and on public investment and, if necessary, give guidance on the scope for possible action within the boundaries of the European Union and national fiscal frameworks. In the coming months, the Commission will issue a report on the quality of public spending which will deal with this very important issue.