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Free AccessBRUSSELS WATCH: "Decisive action paid off" EU Claims On GFC
By Tara Oakes
BRUSSELS (MNI) - The European Union commended itself Wednesday for
wrenching itself out of the financial crisis which hit 10 years ago -- but added
that more work needed to be done.
In a statement timed to coincide with the anniversary of the date widely
seen as the start of the worst recession in EU history, the Commission hailed
"strong political decisions to contain the crisis".
But the EC conceded that the positive outlook masked differences between
member states.
"Not all legacies from the past correct automatically. We have seen greater
social and economic divergences develop in and among Member States," Economic
Commissioner Pierre Moscovici said in a statement.
GREECE
Unemployment across the bloc is the lowest since 2008 but remains at
stubbornly high levels in Greece, whose sovereign debt crisis erupted in 2009 on
the back of the global financial crisis.
April's seasonally adjusted 21.7% Greek unemployment rate is a drop from
the high of 27.6% recorded in July 2013, but shows the country still struggling
from aftershocks of the crisis, which for many Greeks feels far from over.
Greeks surveyed in Spring 2017 were more pessimistic about the economic
situation in their country than in Autumn 2016, according to the recently
published EU Eurobarometer survey.
But despite the ongoing Greek headache, the Union's self-congratulation is
backed up by the euro becoming the second-most traded global currency and the
exit of 21 of the 24 member states from the Excessive Deficit Procedure. Only
France, Spain and the UK remain after Greece's own exit was approved just weeks
ago.
YOUTH AND THE FUTURE
As with elsewhere in Europe, the Greek unemployment figures are dragged up
by youth figures, over 45% of whom are unemployed.
Leader of the liberal ALDE group in the European Parliament, Guy
Verhofstadt, acknowledged that the work of the bloc now included a duty to the
young.
"10ys since start of global financial crisis, we owe it to the young who
have suffered to be bold and reform [the] Eurozone," Verhofstadt tweeted
Wednesday.
For the EC, this is to be achieved by more work on Economic and Monetary
Union.
"We need to build on this progress, completing the financial union,
reforming our economies to foster convergence, inclusiveness and resilience, and
maintaining sustainable public finances. In doing so, we should pursue a
balanced approach where risk reduction and risk sharing go hand-in-hand and the
unity of the single market is preserved," Vice President for the Euro and Social
Dialogue, Valdis Dombrovskis, said in a statement.
"As robust as it is today, the EMU remains incomplete and the journey of
the euro has just started," the EC added.
Progress on EMU is not expected until after the summer break, when the
Parliament and commissioners return.
--MNI Brussels Bureau; +44 203-865-3851; email: tara.oakes@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: M$E$$$,M$X$$$,MC$$$$,MI$$$$,MFX$$$,MGX$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.