22 May 2012

Commissioner Rehn: Europe's action plan for growth, employment and investment

In his speech, Commissioner Rehn said that Europe once again finds itself at a turning point in the debt crisis. "At the same time, the European Union is now witnessing a new level of debate about growth and how to achieve it."

Between the two Summits, the Commission will on 30 May present its Country-Specific Recommendations, addressing the specific economic challenges facing each and every Member State and the euro area as a whole. On 30 May, it will also set out its line on implementing the Stability and Growth Pact in a growth-friendly and differentiated way, applying in-built scope of judgement, which focuses on structural sustainability of public finances over the medium term and takes into account the fiscal space and macro-economic conditions of each Member State.

"We want Greece to remain part of the European family and of the euro. After living beyond its means for too long, the journey Greece is undertaking is difficult and demanding, but it is a journey we are taking together, in a pact of solidarity. The euro area has stood by Greece in all of its difficulties. We will continue to do so. Not only through the unprecedented levels of financial assistance contained in the two packages and the debt write-down that together equal to €33,600 per Greek citizen. But also through the many assistance and support programmes whose effective implementation depends on the determination of the Greek leaders and people.

"I am talking about programmes to get structural funds working on the ground where they are needed. Loans for small and medium-sized enterprises. Support for young people without jobs. Technical assistance to reform tax systems and break down barriers for businesses. We are ready to stand by Greece on its journey of reform. We want to stand by Greece. This being said, Greece must remain determined to reform. We are convinced that there is no easier way. We are convinced that the alternative would be far worse. So let me use this opportunity to call on all responsible forces in Greece to use these few precious weeks to get the facts across so that the Greek people can make a fully informed and responsible choice."

Full speech

© European Commission