across the wires….
– dismisses warnings that drastic and simultaneous spending cuts planned by euro zone governments could send the 16-country bloc back into recession.
– too soon to sound the all-clear over the crisis, but backed eagerly awaited bank stress tests
– totally against the view that reducing public expenditures will hinder economic growth
– stress tests will increase transparency and enhance investors’ confidence in Europe’s banking sector
– vital for governments to get their finances back in order
– backs harsh punishments for governments that flout Europe’s deficit limits.
– most severe cases of persistent non-compliance (countries not complying with stability pact rules), a limitation or suspension of voting rights should be considered
-we have to finalise new rules and regulations that will help to make our economies more resilient