Barroso hits out at 'insufficient' action
Wednesday 18 January 2012 - by Andrew.Hickley@gfsnews.com
In prepared remarks for a speech at the European Parliament in Strasbourg, Barroso admitted that Europe cannot escape its sovereign debt crisis without putting in credible measures to help bolster growth.
Making no direct reference to Britain's veto, Barroso calls on the Danish presidency to play a "constructive role" in acting "as a bridge between the countries that are inside and those outside the euro area".
The fiscal compact will implement new rules requiring countries to run budget deficits of no greater than 0.5 per cent of GDP, along with increased monitoring of their budgets and an acceleration of the permanent bailout fund, the European Financial Stability Mechanism.
Additionally the 9 December agreement, which was agreed in principal by 26 of the 27 EU member states, will look to further deepen fiscal integration across the bloc. The presidents of the European Council, Eurogroup and commission will put forward a report on how this amalgamation can be achieved in March 2012.
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