12 June 2013

President Barroso calls for a European consensus to restore confidence

"This is the time to develop what I could call a European consensus: if we do not pull together, we will be pulled apart.

We need a consensus built on practical steps to resolve the crisis. A consensus not just on the need for growth and jobs, but on the means to achieve this. A consensus for an economically more competitive Europe and a socially more inclusive Europe. Such a consensus is not just a political formula. It is of critical importance for economic confidence for investors and for consumers. Because divisions and contradictory messages coming from different capitals are counter-productive and undermine confidence – confidence we need from financial markets, from businesses, and namely from our citizens!

In a nutshell the consensus has three elements:

First, ongoing fiscal consolidation should continue at a pace that reflects the situation in each country and is focused on structural rather than nominal deficits.

Second, Member States should intensify in parallel their efforts on the implementation of structural reforms for competitiveness.

Third, because many of these structural measures take time before delivering concrete results in terms of employment creation, specific focused action should be taken to deliver short term results for the unemployed, and especially for the young.

We need action to build on the foundations we have put in place. In the European Council I will urge the Member States to assume their responsibilities, implement what we have already agreed and commit to effective action for the future."

Full speech

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