Vladimír Urbánek (Kurzy.cz)
Markets  |  March 14, 2013 11:47:28

EU summit marked by pro-growth fiscal consolidation


Today begins another two-day summit. It seems that his main motto of this time will be "growth-friendly fiscal consolidation". Translated into normal speech, certain countries does not initially set too panic-saving system and called for a review of the budgetary rules, which, in addition to significant savings drastic address the issues of maintaining the conditions for economic growth in the countries concerned.
So far applied rules enforced primarily in Germany has in many cases provide the necessary fruit in terms of reduction of rampant spending, but on the other hand, this approach also significantly reduces economic activity of some members of the Union, which greatly precipitated the economic development of the whole euro area.
Summit participants will therefore deal more pro-growth measures and modifications of existing rules and conditions. The main pressure for such a change to the EU's approach to its debt crisis, pushing countries like France, Spain and Portugal.

The summit program should not be too much to discuss any help Cyprus, as it should address a separate summit of finance ministers of the euro area.

EK after last year's economic downturn eurozone of 0.6% estimated for this year mitigate the decline to 0.3%. The second year of economic recession, the euro area recorded for the first time since the introduction of the single currency in 1999.
Unemployment in the euro area this year to grow to 12.2%.
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Summit EU ve znamení prorůstové fiskální konsolidace

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