12.09.201107:28:00UTC+00Ez Countries Under Market Pressure: need Additional diversified Approach to Meet Fiscal Targets Rehn
News:
EU economy is most likely to grow at the phase of this year to reach growth rate of 1.9 pct in 2012 - EU forecast
EU urged its member countries to use various approach to meet their fiscal targets
It also suggested countries which have fiscal room to manoeuvre to use spending to spur economy
Greece, Ireland, Portugal Spain and Italy are under market pressure to consolidate budget
Cost of borrowing is up sharply in Spain and Italy on worries over public finances
Quotes:
"The member states facing market pressures must continue to deliver on reaching their fiscal targets, and take additional measures if needed," - Olli Rehn, Commissioner, Economy and Monetary Affairs
"Member states with fiscal room of manoeuvre should allow automatic stabilisers to function to mitigate the effects of a slowdown of the recovery on activity and jobs while sticking to their structural adjustment paths," he said. - Rehn