Brussels, 18/09/2007 (Agence Europe) - EU and Euro-Mediterranean area finance ministers agreed at an informal meeting in Oporto on Saturday 15 September to set up a Euro-Mediterranean network of public finance experts. The task of this network would be to facilitate the sharing of experience and best practice on implementing sound budgetary policies on both sides of the Mediterranean. Ministers also discussed how to achieve sustainable economic and job-creating growth.
“Our discussions show that we face challenges and that we have to learn from one another on implementing structural reforms. We restated our commitment to strengthening our partnership to build an area of peace, prosperity, stability and economic prosperity, in the spirit of the Barcelona process,” said Fernando Teixeira dos Santos, Chairman of the Ecofin Council. Economic and Monetary Affairs Commissioner Joaquin Almunia said he thought that the pursuit of structural reform was worthwhile for Mediterranean countries where the high level of unemployment, especially among young people, was unacceptable and also for the EU because of its ageing population. The Egyptian representative welcomed the outcome of the Oporto meeting, which added a new dimension and new challenges to budgetary policies to promote strong financial sectors throughout the Mediterranean area. Spain and Italy proposed that EU member states join them in their initiative to fund Moroccan, Tunisian, Algerian and Egyptian SMEs. (mb)