Van Rompuy says the EU will do everything necessary for the stability of the euro

| September 23, 2011

Best Growth Stock -The European Council president, Herman Van Rompuy, said today the European responsibility with the “weakest economies in the euro area” and the rest of the world, and claimed that the EU will do everything necessary to safeguard the financial stability of the countries that share the single currency.

“Europe takes its responsibilities in the world and at home,” said Van Rompuy in his speech before the plenary of the General Assembly of the UN, a forum in which he spoke on behalf of the European Union (EU).

Van Rompuy acknowledged that the euro area countries “are facing their most serious test for years with the sovereign debt crisis.”

“European leaders are making their decisions individually and collectively to end this turbulence,” the European Council President, who said that the Europeans are acting “decisively and in a spirit of solidarity.”

The European political underlined the responsibility of presidents and prime ministers of the Twenty affects “not only to the weaker economies of the euro or euro-zone only, but about the entire global economy.”

He also assured that in “the coming weeks and months, we will do everything necessary to safeguard financial stability in the eurozone, working more on governance, financial stability and fiscal integration.”

The Belgian former prime minister also referred in his speech to the plenary of the Assembly to the EU “is aware that other economies are watching us from the moment that our problems may affect their jobs, their pensions or their savings,” .

It also called on “other major economies to assume their responsibility for their internal challenges. Let every man lay down his house in order, either by reducing public debt, stimulating domestic demand, or aligning their exchange rates to fundamentals of the economy” .

EU countries, like other major world economies, have spent months in a worrying financial situation due to the global economic crisis and the eurozone in particular related to the turbulence of sovereign debt crisis affecting Greece and that threatens to affect other European economies such as Italy, Spain, Belgium and France.

In addition, this group of EU countries with a common currency are engaged with the International Monetary Fund (IMF) in a process of helping Greece, as also did with Ireland and Portugal.

Van Rompuy, who is in New York by the European Commission President Jose Manuel Durao Barroso, spoke on Wednesday during a speech at a university in New York the Greek case.

The European Council President said about the possibility that Greece went into bankruptcy “is not an option” given the huge risk of contagion that would for other nations.

“The risks of contagion, of default, restructuring or leave the euro are so large that you can not take that risk,” said European policy in this forum.

Category: Business News

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