Thursday, April 19, 2012

Eurozone: the debt crisis is not over, says Barroso

STRASBOURG (France), April 18  - European Commission President Jose Manuel Barroso on Wednesday insisted that the debt crisis in the eurozone is not over, and called on EU countries (EU) to move fast to overcome it.

"I never said that the crisis is behind us," said President of the European executive to the European Parliament in Strasbourg.

Mr Barroso said that Europe must prepare for "a long process" to resolve the crisis.

"To ensure real economic convergence will require a pooling of public debt" in the euro area, he said, considering that Eurobonds are the only way to truly converge the countries of the euro area.

To MEPs who have recognized the need to restore growth and reduce unemployment in the euro area, Barroso presented two initiatives by the European Commission.

The first, he said, wants to give advice on job creation, particularly by encouraging small and medium enterprises (SMEs) and supporting the green economy and health.

The second, which aims to revive the Greek economy, provides a series of reform priorities: youth employment, tax reform, etc.