Thu, May 17, 2012, 3:38 AM SGT - Singapore Markets open in 5 hrs 22 mins

EU's economy needs firewalls, discipline to recover - Rehn

Reuters – Thu, Feb 23, 2012 7:17 PM SGT

BRUSSELS (Reuters) - Europe's depressed economy will recover from its slump if it sticks to EU-mandated fiscal discipline and if the euro zone can agree a large enough stand-by rescue fund to win back investor confidence, the EU's top economic official said on Thursday.

"We see in the Commission there is a clear need to further strengthen the euro area financial firewalls," EU Economic and Monetary Affairs Commissioner Olli Rehn told a news conference.

"You have the new fiscal compact, reinforced economic governance and you have intensified fiscal consolidation ... but we need to reinforce our financial firewalls so that we're fully equipped to overcome the current crisis and return to recovery."

(Reporting By Robin Emmott; editing by Rex Merrifield)

 

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