As I have said before, my view is that measures to boost economic growth can play an important role in addressing the current crisis in the EU. In this context, Heads of State or Government in the EU decided on a compact for growth and jobs at the European Council on 28th June. This involves action by Member States and at EU level in order to boost growth, investment and employment.
Measures to be implemented at national level include the full implementation of the country-specific recommendations from the European Semester as well as pursuing differentiated growth-friendly fiscal consolidation.
A number of measures are to be implemented at EU level in order to boost growth. These include a deepening of the Single Market and reducing the regulatory burden. In addition €120 billion — about 1 per cent of EU gross national income — is being mobilised to boost European growth. For instance, the paid-in capital of the European Investment Bank is to be increased in order to increase its lending capacity. In addition, it is recognised that structural funds can be reallocated towards more employment-intensive activity within national envelopes in co-operation with the Commission.
So a lot is clearly being done and I believe these measures can have a positive impact in supporting economic activity at this difficult juncture.