Europe

Home page

Europe

Barroso highlights economic priority for growth, jobs

03 June 2014 00:32 (UTC +04:00)

Baku-APA. The European Union (EU)'s current priority is clear for growth and jobs and more efforts are needed to firmly exit crisis even though EU growth has returned,European Commission President Jose Manuel Barroso said on Monday, APA reports quoting Xinhua.

Barroso called for further economic reform in member states to gain solid recovery.

Speaking of some member states that had disappointing performance in growth and fiscal control, he named France and urged the country's policy maker to implement further reform.

"France should reform to improve its competitiveness, with or without recommendations from the European Commission," he said.

He stressed that the EU has confidence in France to meet fiscal requirement. "France reform proposals are along the right lines."

The EU has issued detailed recommendation to France on Monday,warning that the seriousness of imbalances can have damaging spillover effects.

The EU's 2013 report for recommendation to member states that was launched Monday noted economic progress in the 28-member bloc.

"Stronger rules introduced during the crisis are helping Member States to improve their economies and create the basis for more sustainable growth," the EU said in a statement.

Growth has returned, including in most of the countries affected by the crisis. Only Cyprus and Croatia are expected to see their economies shrink this year, and by 2015 all EU economies are expected to be growing again.

The EU noted that public finances continue to improve. "In 2014, budget deficits in the EU are expected to fall below the 3 percent of GDP limit for the first time since the crisis hit."

Reforms in the most vulnerable countries are paying off, according to the EU.

"Ireland exited its financial assistance programme in December 2013, Spain in January 2014 and Portugal in May 2014. Greece is forecast to return to growth in 2014, while the situation in Cyprus has stabilised," the EU statement said.