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EU in urgent need of structural reforms, Barroso says

01-23-2011 11:00 BJT

MILAN, Italy, Jan. 22 (Xinhua) -- European Commission President Jose Manuel Barroso said Saturday Europe could no longer postpone fiscal consolidation and structural reforms in order to return to growth after the economic crisis.

In a video speech at the yearly Italcementi conference on economic perspectives organized in Bergamo, a city northeast of Milan, Barroso stressed that coordinating policies was indispensable in order to respond to economic challenges.

"Europe can no longer postpone the consolidation of public finances, the reform of the financial sector and the rapid introduction of urgent structural reforms and measures to support growth," Barroso said, according to Italian news agency ANSA.

"During the crisis, we have no doubt learnt the lesson that ties between economies and member states are indissoluble, warts and all," he said, adding that achieving a state of strict fiscal consolidation and stability in the EU financial system were crucial steps for proper operation.

"Coordination of this kind is essential: we must increase the economic governance within the eurozone and Europe-wide," Barroso said.

According to the president, the recovery has already begun, but it is too slow and not sufficiently widespread.

"Do not forget that the crisis has destroyed millions of jobs: Europe cannot run the risk of a return to growth in the absence of employment growth. Governments must act boldly by initiating reforms that make investment more attractive, easing taxes on labor and reforming pension systems," he said.



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Editor:Zhang Pengfei |Source: Xinhua

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