EU leaders vow to support bloc’s growth

According to the French president Francois Hollande, leaders of the four EU powerhouse economies agreed on Friday to mobilize almost one percent of the bloc’s GDP [almost 130 billion euros] to support EU’s financial growth.

The decision was welcomed by the German Chancellor Angela Merkel who called it as “an important signal.”

Emphasizing on the need to work closer together politically especially in the eurozone, Merkel added, “Whoever has a common currency [Euro], must also have coherent policies that is also a lesson from the last two years.”

Italian Prime Minister Mario Monti, who hosts the Rome meeting, noted that the leaders attending the meeting had agreed that “starting growth in the eurozone was key to restoring [financial] confidence.”

Various EU member states have been struggling with deep economic stagnancy since the bloc’s financial crisis began roughly five years ago.

As the result, the member-states started implementing tough austerity measure in a bid to prevent facing double-dip recessions.

The austerity measures have only resulted in growing anger among the most affected people, sacked workers, low-income workers and students.

MY/SS

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