facebook
twitter
rss
account
search
search
 

EU leader urges budget restraint

March 12, 2013 at 7:12 AM   |   Comments

BRUSSELS, March 12 (UPI) -- European Commission President Jose Manuel Barroso advised EU countries to continue with austerity budgets to halt their economic woes.

In a letter to member states sent ahead of a regional meeting, Barroso said that "steadfast implementation of reforms is beginning to deliver results in terms of current accounts and regaining competitiveness."

The New York Times reported Tuesday that Barroso sent the letter, which included charts that highlighted economic gains made by Ireland and Portugal, countries that have received large international bailout loans to pull them through the sovereign debt crisis.

Barroso also said that the region should be wary of continued production cost discrepancies, noting that economies in France, Italy, Belgium and Hungary have higher labor costs than their trading partners.

Barroso is expected to meet with harsh criticism from leaders representing some of Europe's largest economies. Leaders from France, Italy and Spain have criticized the austerity budget strategy, complaining that it is holding back economic growth, the Times said.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Tesla could face sales ban in Michigan Tesla could face sales ban in Michigan
2
Early completion of refit of Italian aircraft carrier Early completion of refit of Italian aircraft carrier
3
Russia doesn't fear Azeri gas, scholar says Russia doesn't fear Azeri gas, scholar says
4
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
5
British Reaper UAVs join the fight against Islamic State British Reaper UAVs join the fight against Islamic State
Trending News
Around the Web
x
Feedback