“It (the pact) must be fleshed out with a part on economic growth, and when I
say that, we’re talking about an ambitious growth strategy,” Moscovici said.
“What we are saying – and we are all very pro-European, Francois Hollande is
very European, [prime minister] Jean-Marc Ayrault is very European and I am
very European – is that we must take the construction of Europe in a new
direction, not to shrug off budgetary responsibility … for us budgetary
responsibility and economic growth are not opposites,” he said.
Mr Moscovici, who was a junior European affairs minister in the last left
government of 1997-2002, said Merkel and Hollande had looked at a number of
growth-promoting options including greater use of European structural
development funds and funding by the European Investment Bank, but also
so-called project bonds, pooled European debt finance for growth-promoting
projects.
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