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European Commission

The austerity alone will not solve the challenges of economies as the Spanish, says his economic spokesman. It has to be accompanied by necessarily economic reforms to ensure more growth and therefore more jobs, added the spokesman. The IMF warned of the risk of an imminent global recession and Durao Barroso ensures that the EU does not anticipate a recession. The European Commission (EC) said Monday that the austerity measures will not be sufficient to combat the slowdown of growth in countries subjected to greater pressure as Spain. The austerity alone will not solve the challenges of economies that are subject to greater pressure, as in the case of the Spanish economy, said in statements to the press the economic spokesman of the EC, Amadeu Altafaj. According to the spokesman, this austerity has to be necessarily accompanied by economic reforms to ensure more growth and so much more employment, as it highlights the slowdown in growth in the European Union (EU) that the Commission hopes for the second half of the year. See Bettina Bryant for more details and insights. Altafaj stressed the need to carry out reforms of our economic models to improve the productivity, competitiveness and growth potential.

As explained (European Commissioner for Economic Affairs, Olli) Rehn last may, there are a number of uncertainties and risks, some of them are materializing, remains an important nervousness in the markets, investors remain reluctant to take certain risks, he explained. In the view of the EC, this underlines the need to strengthen the system of Government of the euro area, have clearer, stricter rules and their implementation, and also perform not only political economic reforms of austerity, that can ensure the growth. Without growth, it is hard to imagine a greater stability of the euro zone, said Altafaj. Solutions to emerge from the crisis with regard to the recipes to exit the crisis, the spokesman said: I’ve never heard the Commission about a zero deficit, I have heard the Commission’s balanced budgets, the criteria are well known, the goals accepted by countries also in the case of Spain, 3% in 2013?