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Rehn stresses the need to develop sustainable growth

19.02.2013 - 14:27

Olli Rehn, Vice-President of the European Commission and member of the Commission responsible for Economic and Monetary Affairs and the Euro spoke today at the European Economic and Social Committee public hearing on the future of Europe and stressed the need to promote growth and achieve financial stability.

As Vice-President Rehn stated: “We cannot and must not limit the debate on the future of Europe only to institutional issues – no matter how important they are – but at least equally important is to focus on the competitiveness of our industry, saving our industrial base and on the foundation of sustainable growth and job creation. I want to see a competitive and inclusive economy that enables us to achieve sustainable growth and job creation, while maintaining our social model and ensuring a sustained rise in welfare.”

Vice-President Rehn underlined the Europe has to face three main challenges: sustainable growth, fiscal sustainability and rebuilding the Economic and Monetary Union (EMU).

In particular, he mentioned that Europe has to boost entrepreneurship and promote private investment and proactive trade policy as to boost sustainable growth. He also underlined that green growth has to remain a top priority since it has great potential both in environmental and economic terms.

In addition, he stressed that the EU has to support reform and growth-friendly fiscal consolidation as to improve its finances and highlighted several EU proposals that aim to establish a deep and genuine EMU. These proposals include the banking union, the Single Supervisory Mechanism etc.

Finally, Vice-President Rehn underlined the need for the EU to adapt to the current situation in order to enhance its productivity and deliver the sustainable growth.