Brussels, 13/10/2014 (Agence Europe) - Upon his arrival at the monthly meeting of the finance ministers of the Eurozone, in Luxembourg on Monday 13 October, the President of the Eurogroup, Jeroen Dijsselbloem, said that the figures currently circulating regarding the French draft budget were “not very hopeful”.
The Dutch Minister referred to “concerns” over the French budget figures, although nothing can now be done until the European Commission has returned its interpretation of the draft national budgets for 2015, to be submitted by the member states by the middle of this month. He said that a solution to the budgetary problems needed to be found within the framework of the Stability Pact, which provides a margin of flexibility in the assessment of national performances. In this regard, the Eurozone summit of 23 and 24 October will play a decisive role.
Sweeping aside the alarmist comments made last weekend at the 'Finance G20' about the economic situation in the Eurozone, Dijsselbloem said that the Eurozone was 'not in crisis' or in recession. However, 'the indicators are not good', said the Spanish Minister of the Economy, Luis de Guindos. He stressed the importance of progress in budgetary consolidation, investment and structural reforms, which are central to the ministers' focus. The Italian Economy and Finance Minister, Pier Carlo Padoan, welcomed the fact that the Eurogroup is looking at the question of investment, with the Ecofin Council to adopt specific conclusions this Tuesday. (MB)