Eurozone finance ministers need to boost the firepower of the European stability funds to at least one trillion euros, Organization for Economic Cooperation and Development's Secretary-General Angel Gurría said Tuesday.
According to him, the current level of commitment to the rescue funds is insufficient to restore market confidence. A credible financial firewall will provide governments with the breathing space they need to focus crucially on revitalising Europe's economic growth and competitiveness.
The recent measures taken to strengthen fiscal discipline are important advances towards a brighter economic outlook, but the challenges remain daunting, he added.
"Europe is stalling. It needs to get out of first gear and make growth the number one priority," said Gurría.
by RTT Staff Writer
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