BRUSSELS (MNI) – Growth will only return to Europe if serious
budget plans and structural reforms are undertaken, European Commission
President Jose Manuel Barroso said on Friday.
Barroso told reporters he had “underlined the need for fiscal
consolidation and structural reforms,” at a meeting with trade union
leaders and business chiefs in Brussels on Friday.
“Only when we are serious” about those things, will growth return,
Barroso said.
He added: “We are extremely worried about the social situation in
Europe. We’ve got the message… we have an emergency financial
situation, a budgetary problem and debt crisis, but we also have an
emergency social situation.”
Many European countries built up high deficit and debt levels
during the financial crisis, and they now have to implement big spending
cuts to get their fiscal houses in order. That’s caused workers in many
countries to fear for their jobs, wages and pensions.
“We need a smart sustainable and inclusive growth, efforts must be
fair and balanced,” Barroso said.
John Monks General Secretary, European Trade Union Confederation
said Europe’s trade unions are worried and are preparing to demonstrate
against the spending cuts being implemented across the European Union.
“We are using it to keep pressure on for a growth agenda,” Monks
said. “We will be keeping up the pressure in the months ahead,” he
added.
“We believe a lot more has got to be done,” Monks said.
–Brussels: 0032 487 (0) 32 803 665, echarlton@marketnews.com
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