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Brussels, 28 August 2014
Statement by Vice President Katainen on the August Economic Sentiment Indicator
The fall in economic confidence in Europe in August, particularly among industry and consumers, is not a surprise following the disappointing second quarter growth figures and the geopolitical tensions that have marked this summer. It nonetheless is a source of concern: without confidence, we will not see the pick-up in investment we need for a more robust recovery in growth and employment.
There is an urgent need to use all available tools to support growth and promote investment. The momentum of structural reforms must be stepped up, because it is only through reforms that we will achieve a sustainable recovery in growth and job creation. We need to ensure that fiscal policies are geared towards sustaining growth while maintaining stability: in particular, the composition of public expenditure should be better geared towards promoting growth.
I am looking forward to discussing these important matters with finance ministers at the informal Ecofin Council in Milan, and in the coming weeks and months.