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EU Newsbrief: Lessons of the Financial Crisis – President Barroso Remarks to the UN

“The economic crisis has a global nature, its impact has been global and the remedies must also have a global dimension,” said European Commission President José Manuel Barroso in New York today.

In his address to the UN General Assembly, he pointed out that “there is a tendency to view the ongoing crisis in the eurozone as distinct from the financial crisis that struck the United States in 2007. But in fact, their causes are the same.”

President Barroso highlighted Europe’s robust response to the crisis that follows a twin track approach of stability and growth. “That means restoring sustainability to our public finances – because the crisis has shown that debt fuelled growth is unsustainable. And it means creating the conditions for growth and jobs, through structural reform and targeted investment.”

“The lessons of the financial crisis must be absorbed by us all,” said President Barroso. “In the G20 Europe will push for the implementation and enhanced monitoring of the Cannes Action Plan for Growth and Jobs. Tackling global macroeconomic imbalances and promote growth should remain at the core of the G20 agenda. But not growth driven by unsustainable borrowing. Growth must be inclusive and environmentally sustainable. We must strive for solidarity not just within but across the generations.”

Addressing Greece in particular, President Barroso said “I would like to reaffirm very clearly that we want Greece to stay in the Euro area. And the European Union will do all it takes to ensure it.”