Hannes Swoboda: finance ministers must translate decisions from June summit into action

Ahead of today's meeting of EU finance ministers at the Eurogroup and tomorrow's Ecofin Council in Brussels, Hannes Swoboda, S&D Group President, urges ministers to act decisively. He calls on ministers not to delay taking the decisions that are urgently needed to combat the economic crisis in Europe and across the world.

With regard to the Ecofin meeting, Hannes Swoboda, S&D Group President, said:

"The Ecofin meeting is of great importance for the implementation of the Council decisions from the end of June. We, as Socialists and Democrats insist on a way forward in combatting the crisis.

"The finance ministers must not turn the clock back. We have to continue helping those countries engaged in necessary reforms to give them relief from the heavy burden of debt."

He continued by calling for decisive action:

"We must provide direct help for the restructuring of certain banks. But we also need a more efficient and convincing co-operation between the European Central Bank and the support mechanisms of the European Financial Stability Facility (EFSF) and European Stability Mechanism (ESM).

"In addition, finance ministers should also begin to give serious thought to a viable model for a redemption fund. Such a fund should lead to the reduction of interest rates but secure ways must be found to ensure individual countries continue to be responsible for their debts.

He concluded by urging finance ministers to support more balanced reforms in Greece:

"For Greece, a new, more realistic and socially balanced reform programme should be developed, together with parallel controls for speedy implementation."

S&D Press contact: Utta Tuttlies

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