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EU report calls for exit strategy after massive spending - People's Daily Online
EU report calls for exit strategy after massive spending An exit strategy is required to maintain fiscal sustainability after European Union (EU) governments spent billions of euros to counter the worst financial and economic crisis since World War II, a report said on June 23. An exit strategy strengthening fiscal policy frameworks, reforming age-related spending and spelling out th......

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EU report calls for exit strategy after massive spending

An exit strategy is required to maintain fiscal sustainability after European Union (EU) governments spent billions of euros to counter the worst financial and economic crisis since World War II, a report said on June 23.

An exit strategy strengthening fiscal policy frameworks, reforming age-related spending and spelling out the broad consolidation measures envisaged when the recovery has taken hold is required to address concerns about public finance sustainability and underpin economic confidence, the European Commission said in its 2009 Report on Public Finances.

In the aftermath of the crisis, which dragged the EU economy into a deep recession, the 27-nation bloc has committed more than 600 billion euros (839 billion U.S. dollars) on fiscal stimulus measures. That is equivalent to 5 percent of the EU's gross domestic product (GDP) over 2009 and 2010, not including measures to support banks.

Rising public debts and the contingent liabilities incurred by governments to support the financial sector, together with the anticipated increases in age-related expenditure and slowdown in potential growth raised concerns about public finance sustainability.

A large number of EU member states have seen their budgetary deficits swell beyond the alliance´s limit. Under the EU´s stability and growth pact, a member state has to bring its deficit below three percent of its GDP.

Based on an analysis of past experiences, the report said the fiscal costs were lower when the banking crisis resolution strategy was implemented swiftly and included a clear exit strategy, including the restructuring of the banking sector.

Source:Xinhua


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