Tuesday, May 05, 2009

Economy: European finance ministers say no need for additional stimulus packages

Finance ministers from the Eurozone countries said on Monday that there is no need for additional stimulus packages even though the combined economy of the 16-nation bloc was forecast to be in a deeper recession.

"All ministers in the Eurogroup, including the European Central Bank, agree that the fiscal efforts launched by the Eurozone countries should be sufficient for the time being," Luxembourg Prime Minister Jean-Claude Juncker told reporters after chairing a regular monthly meeting with Eurozone finance ministers, or Eurogroup.

"We now want to see the effects on the ground," he said.

Juncker's view was echoed by Austrian Finance Minister Josef Proell.

"We have a lot in the pipeline...Many elements of the stimulus packages, many of our tax reductions will only start to have an effect in the coming weeks and months," Proell said.
Published by Mike Hitchen, Mike Hitchen Consulting
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