NICOSIA (ANP) – European Union (EU) finance ministers met in Nicosia this week. European Commissioner for Economy Valdis Dombrovskis said that more economic growth and more money is needed for Europe. This is to fulfill EU objectives in defence and economic competitiveness requiring enormous investments. It could require private funds too. He added that The European Commission does not rule out joint EU loans if “urgent issues arise.”
The Netherlands and Germany, among others, are opposed to this.
Cypriot Finance Minister Makis Keravnos said that there is broad agreement among the EU ministers that the EU rules for sustainable public finances must remain in place. This means that EU member states must keep their spending, taxes, and debts in balance in the long term, without the national debt becoming unmanageable. He added that significant investment needs are putting our public finances under pressure.
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