Jyrki Katainen, economic
vice-president for the European Commission, said Monday that
"one reason for the absence growth in Europe is the lack of
investment...a gap estimated at 300 billion euros a year".
Katainen told the economic committee of the European
Parliament that countries have chosen to protect some budget
items at the expense of investments.
Meanwhile, he said that the stability and growth pact did
not have "a golden rule" for excluding spending on education and
research from deficit figures.
Earlier this month, the EC announced some additional
flexibility could be applied by the commission in measuring
certain kinds of investment spending and whether these would be
included in calculating budget deficit ratios.
Katainen told the parliament that for such flexibility to
be used, "structural reforms must be approved by national
parliaments" and not merely promised.
ALL RIGHTS RESERVED © Copyright ANSA
