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Van Rompuy calls for strong economic government within eurozone

06-03-2010 14:45 BJT

LA BAULE, France, June 2 (Xinhua) -- European Council President Herman Van Rompuy called Wednesday for a strong economic government within the eurozone.

"Europe needs a strong economic government within the union, and within the eurozone, in particular...I am working on this," Van Rompuy said at the World Investment Conference in La Baule, western France.

In his view, the Greek debt crisis underlined the lack of appropriate mechanisms inside the EU to deal with a sovereign bailout. Therefore, he firmly recommended better budget discipline, a monitoring system for competitiveness and improved crisis management to avoid a new debt crisis.

"These are three main priorities in order to prevent public debt from spinning out of control," he stressed in the opening debate of the conference, a European forum focused on technology, business, investment and policies to stimulate global economic growth.

Van Rompuy said European ministers would study the creation of a warning system to determine when a country's competitiveness was out of line with its EU peers.

"The euro is not in monetary Armageddon," Van Rompuy said. "In the Greek crisis, we built a lifeboat at sea."

Though he called on European states to reduce their deficits and remove the risk of another recession caused by austerity measures, he warned the risks were exaggerated and the fiscal consolidation would instead support growth.

Quoting diplomatic sources, Reuters reported earlier Wednesday Van Rompuy wanted to speed up negotiations on reforming eurozone budget rules and economic governance. He has reportedly agreed to a French government proposal to create an "economic government of the eurozone" and would like to see a political agreement during the next EU summit on June 17.

Editor:Su Yu |Source: Xinhua

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