2011.09.1207:28:00UTC+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