Arab Today, arab today eu leaders try to balance austerity growth
Last Updated : GMT 18:44:55
Arab Today, arab today
Arab Today, arab today

EU leaders try to balance austerity, growth

Arab Today, arab today

Arab Today, arab today EU leaders try to balance austerity, growth

Brussels - AFP

European Union leaders try Thursday to find a difficult balance between austerity policies adopted to cut debt and calls to spend more to generate growth and jobs in an economy stuck in the doldrums. The stakes are high. Italian elections last month saw a new anti-austerity party win a stunning 25 percent of the vote, a warning for austerity hardliners such as German Chancellor Angela Merkel who faces polls later in the year. Unions aim to make the same point with protests Thursday just outside the summit\'s EU headquarters venue in Brussels, where huge banners proclaiming \"Austerity Pact, No! Solidarity Pact, Yes!\" have been put up. \"Italy has made a lot of people think,\" one EU official said. The official, along with others, stressed the need for governments to get the public finances under control after years of overspending means nearly all EU members are in breach of deficit and total debt limits. But austerity and belt-tightening cannot be the only response. \"You need to implement these plans carefully and with flexibility, otherwise there is no growth,\" the official said. \"If there is no growth for 10 years then you can\'t pay back your debt ... there is not much room for manoeuvre.\"A draft of the summit conclusions says that with no upturn this year and \"unacceptably high levels of unemployment\", it is critical to support growth \"as a matter of priority\". Stabilising public finances must be done through \"growth-friendly fiscal consolidation\", it adds. \"Hiding in this language is the idea that you can stretch the time (to meet deficit targets) a bit ... while those in a stronger position can increase expenditure,\" another EU official said. Leaders will try to establish \"what growth-friendly fiscal consolidation really means\" in practice, the official added. The issue is crucial for France after President Francois Hollande recognised Tuesday he could not cut the public deficit to the EU limit of 3.0 percent of gross domestic product this year, coming in instead at 3.7 percent as a weak economy exacts its toll. Failing to meet the target leaves France needing another year of grace from Brussels, an extension it seems likely to get. Meanwhile, German Finance Minister Wolfgang Schaeuble said pointedly he was \"sure that France would, like us, respect the rules\" on the public deficit. Highlighting the difference between the eurozone\'s two top economies, Berlin approved a draft 2014 budget with the lowest headline deficit in 40 years. \"Growth and (budgetary) consolidation are not mutually exclusive but rather they reinforce each other,\" Schaeuble said Wednesday. \"The confidence that solid state finances brings is the pre-condition for sustainable growth.\" EU officials said the 27 EU leaders will also discuss Cyprus, taking the opportunity to meet its newly elected president, but not make any decisions on a planned debt bailout. That issue will be covered by a separate eurozone finance ministers meeting late Friday after the summit closes. Leaders will also look at progress on a banking union plan agreed last year as part of efforts to bolster the euro and prevent any repeat of the crisis. It is based on an already approved Single Supervisory Mechanism, plus a deposit guarantee and a winding up system for failing banks which need to be finalised by June to make further headway. The second day of the summit Friday will review relations with the EU\'s strategic partners, in this case Russia, where ties have been strained by Russian President Vladimir Putin\'s clampdown on the opposition.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eu leaders try to balance austerity growth Arab Today, arab today eu leaders try to balance austerity growth

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday