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“There is no doubt that without the implementation of well-thought-out structural reforms in each Member State individually we cannot get back to sustainable growth in the European Union in general. We must not delay them,” noted the Finance Minister and current ECOFIN President, Jānis Reirs.
The most significant structural reforms should be made to the labour market and business environment to ensure long-term stability and an attractive environment for investment.
It is very important that citizens and the social partners support the implementation of these reforms, which should be assessed in detail and based on real data and previous experience.
Up until now, the implementation of reforms has either been too late or has been postponed. The crisis has made it necessary to ensure that these reforms are implemented in a timely manner, which is a complicated task.
One of the most urgent problems in the EU economy is insufficient investment. Yesterday the first trialogue on the European Fund for Strategic Investments was a success. The Council of the EU and the European Parliament agreed on a joint statement and commitment to adopt the regulation within the terms specified by the European Council. Funding alone is not enough, however, and the ministers agreed that the first step is to eliminate all existing barriers to investment.
“European citizens expect new jobs and an increase in economic activity. Europe is in urgent need of investment in the real economy,” emphasised Jānis Reirs.
The second session of the informal ECOFIN meeting will take place on Saturday 25 April. The Ministers will discuss current issues related to the creation of a Capital Markets Union and fight against tax evasion that influence budget revenues of EU Member States.
