Euro economy monitoring to get tougher

ECONOMIES in the eurozone will be monitored more closely in the wake of the Greek debt crisis, the European Commission has said.

After an EU summit pledge to step in and help Greece over its public debt crisis “if needed”, EU Economic and Monetary Affairs Commissioner Olli Rehn welcomed what he called the “determined and co-ordinated” response from Europe’s leaders.

But the summit declaration did little immediately to boost the euro’s credibility rating on world markets, and the Commission hopes its moves to avoid a repeat of the Greek debt wobble will help.

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“The critical lesson from this crisis is that we urgently need deeper and broader surveillance of economic policies, including earlier detection and tackling of imbalances, in order to better safeguard the macro-financial stability of the euro area,” said Mr Rehn.

“The Commission will soon come forward with proposals to further strengthen the co-ordination and the surveillance of national economic policies within the euro area.”

He said the 16 EU countries who have adopted the euro now had a shared responsibility for the currency’s stability.

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