| Title of Document: |
Eurozone: Concrete action necessary at next summit on Eurozone countries in financial trouble |
| Keywords: |
Eurozone countries, Member States in financial trouble, Greece, Spain and Portugal, commitment to the Stability and Growth Pact |
| Author: |
EPP Group Press & Communications Service |
|
|
| Codex-Politics publication date: 02/09/2010 |
| Date of Original Publication: 02/09/2010 |
| Country: EU |
Summary: Corien Wortmann-Kool MEP, Vice-Chairwoman of the EPP Group responsible for the Working Group 'Economy and Environment':
"During the next informal summit on the Eurozone countries, concrete action must be taken for Member States in financial trouble. They must find solutions for their own financial problems".
|
|
Wortmann-Kool commented: "Over the past few years, Member States have too often abstained from the necessary reform measures. This is no longer feasible. The problems in countries such as Greece, Spain and Portugal demand strong commitment to the Stability and Growth Pact."
According to Wortmann-Kool, the solution does not lie in the extra money from the EU budget, but in the actual implementation of the reform plans, such as the Greek government has presented. This will strongly influence the other Member States - Spain, Portugal and Ireland - who are in the same situation.
Wortmann-Kool added: "The EPP Group fully supports the Commission's approach to dealing with Greece's problems. At the same time a stronger coordination of economic policies is necessary." The European Commission must keep an eye on the situation in the Eurozone to be able to take the necessary steps in the event of a financial emergency situation, including an intervention by the IMF.
Furthermore, the European Union must reinforce the European rules for the financial markets. Wortmann-Kool concluded: "There are many active hedge funds on the market which speculate on depreciation. The response on the financial markets strongly exaggerates the extent of the problem. This underlines the necessity to reinforce the European rules for the financial markets."
*(Translation from the original Dutch)
For further information:
Corien Wortmann-Kool MEP, Tel: +31-6-46-357257
Eduard Slootweg, EPP Group Press & Communications Service, Tel: +32-475-721280
http://www.eppgroup.eu
|
|
|
|
|
|