12:31 - ECONOMY: BARROSO AND MONTI, REVIVE GROWTH, REDUCE DEBT
(Sir Europe - Brussels) - Reviving growth with no further debts in the EU member states. This morning the president of the European Commission, José Manuel Barroso, and the Italian Prime Minister, Mario Monti, who met in Brussels, agreed on such two points: Our discussion - a joint release states - focussed on the current economic situation in Europe and in particular in the euro-zone. We are facing substantial challenges in terms of growth and high employment rates. The revival of growth must take place through relentless hard work for improving competitiveness, not through further debt, state Barroso and Monti, who have already fixed a further meeting for 15th May in the run-up to the European Council in June. So tax consolidation must go hand in hand with targeted investments to improve competitiveness while helping reviving demand in the short term. The Head of the EU Executive and the Italian Prime Minister also point out that theres a need to further develop the single market, which is the most important way to promote growth and employment and improve the enforcement of its rules. In particular, faster and more effective progress must be made in digital economy, energy and services.