Loading ...Head of the Romanian Delegation in the EPP -ED Group, Theodor Stolojan, within debates on the economic recovery plan proposed by the European Commission (EC), said that any such plan has to take into account the fact that these countries need substantial foreign financing to cover the deficit emerged from the trade of goods and services, reads a release.
"The lack of foreign financing would condemn these countries to sudden and massive adjustments , likely to annul last years' revenues, weaken the EU cohesion and endanger stability in the area," he warned.
"The lack of foreign financing would condemn these countries to sudden and massive adjustments , likely to annul last years' revenues, weaken the EU cohesion and endanger stability in the area," he warned.
According to Stolojan, in the case of some member states such the Baltic ones, Romania and Hungary, the financial crisis and global recession surfaced structural imbalances accumulated during economic booms.
"The European Commission and Council have a precise responsibility in finding solutions for the necessary foreign financing.
"The European Commission and Council have a precise responsibility in finding solutions for the necessary foreign financing.
The member states concerned have the duty to carry out structural reforms and fix the imbalances," Stolojan explained.
The national economic recovery plans might endanger Europe's global competitiveness unless there is coordination at a European level. Stimulating economy, alongside a good functioning of the financial markets, are essential to protecting citizens and preventing unemployment, reads the European Parliament's report on the EC's economic recovery plan.
The national economic recovery plans might endanger Europe's global competitiveness unless there is coordination at a European level. Stimulating economy, alongside a good functioning of the financial markets, are essential to protecting citizens and preventing unemployment, reads the European Parliament's report on the EC's economic recovery plan.
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