EU will not allow euro to fail
Source: Agencies |
May 18, 2011, Wednesday
|
Print Edition
Print Edition
EUROPE will not let the euro fail and European Union countries are committed to cutting deficits, the president of the European Council told Chinese officials yesterday, seeking to ease fears that the eurozone crisis could imperil China's investments.
"All EU countries are bringing down public deficits. The most vulnerable countries are undertaking determined action to come out of the crisis," President Herman Van Rompuy said in a speech at the Central Party School in Beijing, which trains rising Chinese leaders.
His four-day China visit has coincided with a deterioration in Europe's 18-month sovereign debt crisis, with growing concerns that Greece could be forced to restructure its debts and Ireland and Portugal also coming under pressure.
China signaled last month that it was ready to buy more debt from the eurozone's weaker states. There are no precise figures, but China has said it has bought billions of euros of debt.
"The euro is the world's second reserve currency and a strong and stable currency - even too strong, compared, for instance, to your currency," said Van Rompuy. "We are determined to defend and develop these assets, to the benefit of our citizens and in a dialogue with partners."
"I want to acknowledge the confidence that China has demonstrated towards Europe in those difficult moments. A stable eurozone is in our common interest," he said.
He said that Greece and Ireland had received financial assistance attached to strict policy measures and that a deal with Portugal had been reached.
"And allow me to remind you that although these countries enjoy a disproportionately high attention of international press, together they represent only 6 percent of the eurozone's GDP," he said.
Van Rompuy noted the strengthening of banking regulations and the EU's economic recovery, with hopes of 1.8 percent growth in the EU this year, and 2 percent growth in 2012.
"From the European side, our main contribution to stability for the world economy is first of all to put our house in order, stronger governance of the eurozone, and tackling the problems of weak economies and weak budgets," he said.
"All EU countries are bringing down public deficits. The most vulnerable countries are undertaking determined action to come out of the crisis," President Herman Van Rompuy said in a speech at the Central Party School in Beijing, which trains rising Chinese leaders.
His four-day China visit has coincided with a deterioration in Europe's 18-month sovereign debt crisis, with growing concerns that Greece could be forced to restructure its debts and Ireland and Portugal also coming under pressure.
China signaled last month that it was ready to buy more debt from the eurozone's weaker states. There are no precise figures, but China has said it has bought billions of euros of debt.
"The euro is the world's second reserve currency and a strong and stable currency - even too strong, compared, for instance, to your currency," said Van Rompuy. "We are determined to defend and develop these assets, to the benefit of our citizens and in a dialogue with partners."
"I want to acknowledge the confidence that China has demonstrated towards Europe in those difficult moments. A stable eurozone is in our common interest," he said.
He said that Greece and Ireland had received financial assistance attached to strict policy measures and that a deal with Portugal had been reached.
"And allow me to remind you that although these countries enjoy a disproportionately high attention of international press, together they represent only 6 percent of the eurozone's GDP," he said.
Van Rompuy noted the strengthening of banking regulations and the EU's economic recovery, with hopes of 1.8 percent growth in the EU this year, and 2 percent growth in 2012.
"From the European side, our main contribution to stability for the world economy is first of all to put our house in order, stronger governance of the eurozone, and tackling the problems of weak economies and weak budgets," he said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
