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The gathering in Brussels was supposed to help
reduce the chances for a repeat of the government overspending
and miscalculation that plunged much of Europe's economy into
recession. European Commissioner Olli Rehn said over-optimistic
economic forecasting has been a "major vice" plaguing European
governments in the past. At their closed-door meeting, the finance ministers addressed
criticisms that the European Union's executive branch issued
last week of each country's proposed 2014 budget. Jeroen
Dijsselbloem of the Netherlands, who chaired the session, told a
news conference afterward that the discussions among colleagues
had been respectful but "direct." In a communique, the ministers said five countries whose 2014
budgets were deemed at risk of not complying with EU growth and
stability rules —Malta, Spain, Italy, Finland and Luxembourg —
expressed their "full commitment" Friday to make the needed
adjustments, or said they have already begun to do so. Government deficits in the 17-nation currency zone, which
averaged close to 3 percent of Gross Domestic Product this year,
are expected to fall below that benchmark next year, the
ministers said. "With that, both the debt and deficit
projections for the euro area are considerably more positive
than for other major economies, including the United States and
Japan," they said. "All member states concerned are taking seriously their
commitment to sound public financing," Rehn said. He termed
Friday's meeting a "significant milestone" in improving the
economic governance of the countries using the euro. Dijsselbloem, however, said growth in the eurozone remains too
weak and fragile. "If we want to strengthen it, we will have to push forward on our reform agenda," the Dutch finance minister said. [Associated Press; JOHN-THOR DAHLBURG] Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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