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Euro states should police one another more, EU commissioner says
Published in Saudi Press Agency on 12 - 02 - 2010


Eurozone countries should analyse one another's
economic policies much more stringently and try to spot potential
trouble much earlier to avoid a repetition of Greece's budget crisis, dpa cited
the new European economic commissioner, Olli Rehn, as saying today.
Successive Greek governments have failed to modernize the economy
by trimming the bloated and corrupt public sector or boosting exports
and productivity, leaving the country fatally exposed to the world
economic downturn.
The country's woes worsened when the newly-elected socialist
government in October revealed that its predecessor had presented
wildly inaccurate budget figures in an apparent attempt to hide the
extent of the problem.
"The critical lesson from this crisis is that we urgently need
deeper and broader surveillance of economic policies, including
earlier detection and tackling of imbalances, in order to better
safeguard the macro-financial stability of the euro area," Rehn said
in a statement.
Greece has faced intense pressure from financial markets in recent
months, throwing the eurozone's own stability into doubt.
The scandal has led traders to question the EU's ability to make
its members maintain a sound economic policy.
To answer those questions, Rehn said that the EU executive, the
European Commission, "will soon come forward with proposals to
further strengthen the coordination and the surveillance of national
economic policies within the euro area."
On Thursday eurozone leaders meeting in Brussels took the
unprecedented step of issuing a formal commitment to preserve
financial stability in their area, but said no Greek bailout was
necessary - for the moment.
EU financial ministers are set to approve Tuesday a draconian
austerity plan that foresees a reduction of the Greek deficit to 3
per cent of GDP, the level recommended in the eurozone, in just three
years, and places the country under regular commission scrutiny.
They are also expected to discuss a commission proposal to give
the EU's statistical office, Eurostat, the right to audit national
figures, in a bid to keep government reporting honest.
Rehn called on Athens "to do whatever is necessary, including
adopting additional measures" to respect the new targets, insisting
that its deficit needs to fall by 4 percentage points this year.
The commission is set to issue in March the first of its regular
assessments on the effectiveness of Greek budget cuts. Rehn stated it
"will propose additional measures if necessary."


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