AUTOREFRESH 
EU Barroso: Reducing Debt Vital To Restore Confidence, Growth
FRANKFURT (MNI) – Reducing public debt is vital to restore
confidence, and thus economic growth, European Commission President Jose
Manuel Barroso said in a newspaper interview published Tuesday.
In the interview, published in the International Herald Tribune,
Barroso rejected U.S. President Barack Obama’s pre-G20 appeal to heads
of state to leave austerity for the medium term in order to focus on
growth.
“Without addressing this issue [of debt reduction], there will be
no confidence, and without confidence, no growth,” Barroso said.
He also defended Germany’s focus on financial security, adding that
the impact of the country’s spending cuts had been exaggerated.
In an apparent response to recent statements that Germany should
boost its domestic demand for the sake of other states’ exports, Barroso
stressed that it was up to other countries to become more competitive,
rather than Germany reducing its competitiveness.
Barroso said Spain’s structural reform program would not hinder it
greatly, but that regional budgetary powers should be limited.
–Frankfurt bureau: +49-69-720 142; email: frankfurt@marketnews.com
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