OPENING ADDRESS: Olli Rehn, Vice-President, European Commission
Commission adopts package of recommendations setting out the next steps to boost stability, growth and jobs
The European Commission has adopted a package of recommendations for budgetary measures and economic reforms to enhance financial stability, boost growth and create employment. It has also adopted 2012 country-specific recommendations in the context of the European Semester, offering guidance on economic policy.
Statement by Olli Rehn, Vice President of the European Commission responsible for Economic and Monetary Affairs and the Euro
"I welcome the measures announced on Friday by the Spanish authorities to further reform the banking sector. A prompt and profound reform of the banking sector is a cornerstone of Spain's crisis response and its overall reform strategy. It is an indispensable supplement of the determined fiscal consolidation and front-loaded structural reforms that can bring sustainable growth and more and better jobs"
"A recovery is in sight, but the economic situation remains fragile, with still large disparities across Member States. We are witnessing an ongoing adjustment of the fiscal and structural imbalances built up before and after the onset of the crisis, made worse by the still weak economic sentiment Without further determined action, however, low growth in the EU could remain. Sound public finances are the condition for lasting growth, and building on the new strong framework for economic governance, we must support the adjustment by accelerating stability and growth-enhancing policies."
"We welcome the budgetary agreement reached with broad consensus in The Netherlands. It sends a strong signal of commitment to keep Dutch public finances on a strong and sustainable footing with a view to securing the welfare of future generations.