EU finmins conclude meeting with measures to tackle slowdown
Monday, 15 September 2008
NICE, France, Sept 14 (Xinhua): European Union (EU) finance ministers concluded their informal meeting (ECOFIN) here Saturday after producing four pillar measures to tackle economic slowdown and turmoil in financial markets.
After two-day discussions of the economic situation in Europe, the ministers agreed to support four major measures put forward by the French EU presidency.
French Finance Minister Christine Lagarde proposed "four pillars" to boost economic activity and weather financial crisis, a communique released at the end of a two-day informal meeting said.
The measures include, first of all, steps taken in budgetary matters, structural reforms and financial supervision.
In the budgetary sector, EU member states will let automatic stabilisers support the activity without trying to contain expenditure so that the 3 per cent deficit ceiling can be respected under the stability and growth pact.
In addition, structural reforms must be pursued because they can help restore economic power by increasing competition.
The ministers also ask the European Investment Bank to support the financing of small and medium-sized enterprises (SMEs) by increasing lending capabilities in the period of 2008-2009.
After two-day discussions of the economic situation in Europe, the ministers agreed to support four major measures put forward by the French EU presidency.
French Finance Minister Christine Lagarde proposed "four pillars" to boost economic activity and weather financial crisis, a communique released at the end of a two-day informal meeting said.
The measures include, first of all, steps taken in budgetary matters, structural reforms and financial supervision.
In the budgetary sector, EU member states will let automatic stabilisers support the activity without trying to contain expenditure so that the 3 per cent deficit ceiling can be respected under the stability and growth pact.
In addition, structural reforms must be pursued because they can help restore economic power by increasing competition.
The ministers also ask the European Investment Bank to support the financing of small and medium-sized enterprises (SMEs) by increasing lending capabilities in the period of 2008-2009.