Basileio De Rolia, 21/2/2008,17:42
Main Source: European Parliament News Reports
MEPs say sound economic policies would help to restore confidence following the financial market turmoil. Two texts adopted on Wednesday recommend a series of measures to boost Europe’s long-term growth potential in what is a wide-ranging assessment of EU economic policy. In a report on the Broad Economic Policy Guidelines, Parliament says that growing imbalances, aggregate demand and global inflationary pressure may become a significant challenge for monetary policy, as could exchange rate volatility and financial market uncertainty. Europe, says the report, needs to enhance its growth potential to increase employment. The report warns that the high levels of the euro exchange rate harm competitiveness and reduce the margin of manoeuvre for monetary policy; it also defends the independence of the ECB in setting monetary policy. It says that in most countries consolidation of public finances would help long-term fiscal sustainability, while modernisation of public administrations could help in this regard. MEPs add that the rise in productivity should go hand in hand with a fairer distribution of the benefits of growth and a strengthening of social cohesion. The report continues that the EU should aim to shape globalisation rather than merely passively adapt to it – transatlantic relations are particularly important for this purpose. It says measures to combat protectionism both within and outside the EU are needed. Protectionism, the committee argues, undermines rather than defends consumers’ and citizens’ rights. Promoting growth and cooperation with third countries, and further economic openness of the EU are vital to properly managing migration flows and fighting illegal immigration. More<
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MEPs say sound economic policies would help to restore confidence following the financial market turmoil. Two texts adopted on Wednesday recommend a series of measures to boost Europe’s long-term growth potential in what is a wide-ranging assessment of EU economic policy.
