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Rehn: Signficant Contagion Threat To EU Econ From Debt Crisis
BRUSSELS (Dow Jones)--The euro zone΄s sovereign debt problems are increasingly apparent in various countries as well as Greece and the currency bloc΄s economy is threatened by contagion from the crisis, European Commissioner for Economic and Monetary Affairs Olli Rehn said Tuesday.
"The situation in Greece and increasingly elsewhere in Europe continues to heavily influence the risk perception of the European sovereign bond markets, which poses a significant contagion threat to the economic recovery," he said during the public deliberations of a meeting of European finance ministers in Brussels.
Renewed worries of how the Greek sovereign debt crisis will play out and the state of Italy΄s public finances sent the euro down to a four-month low earlier Tuesday.
As well as ongoing crisis management, Rehn called on finance ministers and the European Parliament to quickly move forward with a package of economic reforms.
Approval of the European Union΄s proposal to improve economic governance, which is at the center of efforts to strengthen oversight of the 27-member group, has been stalled because of disagreement between the parliament and member states represented on the European Council.
"In the current context of the deepening debt crisis with increasingly systemic features, reaching an agreement is of paramount importance," Rehn said.
BRUSSELS (Dow Jones)--The euro zone΄s sovereign debt problems are increasingly apparent in various countries as well as Greece and the currency bloc΄s economy is threatened by contagion from the crisis, European Commissioner for Economic and Monetary Affairs Olli Rehn said Tuesday.
"The situation in Greece and increasingly elsewhere in Europe continues to heavily influence the risk perception of the European sovereign bond markets, which poses a significant contagion threat to the economic recovery," he said during the public deliberations of a meeting of European finance ministers in Brussels.
Renewed worries of how the Greek sovereign debt crisis will play out and the state of Italy΄s public finances sent the euro down to a four-month low earlier Tuesday.
As well as ongoing crisis management, Rehn called on finance ministers and the European Parliament to quickly move forward with a package of economic reforms.
Approval of the European Union΄s proposal to improve economic governance, which is at the center of efforts to strengthen oversight of the 27-member group, has been stalled because of disagreement between the parliament and member states represented on the European Council.
"In the current context of the deepening debt crisis with increasingly systemic features, reaching an agreement is of paramount importance," Rehn said.
