BILBAO, Spain, 4-3-2014 — /EuropaWire/ — Peer pressure among ministers and best practices are useful tools to stimulate economic growth and fight youth unemployment in Europe, according to the President of the Eurogroup, Jeroen Dijsselbloem. He was speaking at the Stability and Growth Forum in the Guggenheim Museum in Bilbao on 3 March.
In his speech he called the Guggenheim ‘a beautiful symbol of recovery’ that had ushered in the revival of the city in the 1990s.
In Bilbao Dijsselbloem repeated his plea for an offensive approach to boost economic growth. Two weeks ago the OECD presented a report that clearly showed that the euro area still has high unused growth potential. Reforms to product market regulations alone could yield a 6% percent gain in output over the next ten years.
The Eurogroup President gave many examples of measures that countries take at the moment. He spoke of a ‘shared sense of urgency across the euro area’. And still, he said, ‘we can – and must – do more’. Dijsselbloem suggested the same approach for economic reforms as the ministers in the Eurogroup have adopted, whereby they review each others’ draft budgetary plans.
He added that it could be helpful to identify joint reforms in crucial sectors of the economies and define best practices that all countries would have to adhere to. In Dijsselbloem’s view this approach would enable all countries to follow the best practices in Europe and to reach the common goal of sustainable growth in the eurozone.
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