THE PRESIDENT of the European Commission today defended the euro as a “credible, stable and strong currency” at this year’s State of the Union conference.
Jose Manuel Durao Barroso told the audience that regaining confidence is intrinsic to Europe’s economy and that there needs to be greater cooperation and governance at both a European and national level.
The president said that the Eurozone crisis was due to the financial sector’s irresponsibility with aggravating unsustainable public debt, combined with the lack of structural competitiveness in some member states.
“This is why our response to the crisis is a comprehensive one addressing its root cause that is a dangerous combination of private imprudence, public indulgence and economic inefficiency,” said Barroso.
“The aim is to have a financial sector at the service of the real economy; government policies promoting competitiveness and sound public finances; and a genuine Economic Monetary Union with a fully equipped toolbox including a banking union and a strengthened social dimension.”