- Jose Manuel Barroso, European Commission President
While the 17-nation economy has finally emerged from its longest-ever recession in the second quarter, and some analysts may consider the worst is over, European Commission President Jose Manuel Barroso stressed out the necessity of creating a closer political union to overcome the ongoing crisis. He also pointed out that while the economy is gaining momentum, the biggest problem for the region remains political instability, suggesting governments are still at risk of punishment from the markets in case European authorities veer from the vital economic reforms recommended by Brussels.
Barroso also claimed the European Union must complete a banking union project to be sure that taxpayers are no longer suffering most, when banking sector fails. Later this week the European Parliament is widely expected to pass a vote on legislation establishing the first pillar of the banking union, as the European Central Bank will become the supervisor of the whole banking system. However, other elements of the plan are harder to implement due to opposition from some governments. The last but not least, Barroso said all measures must be aimed at stabilization of the labour market, as more than 26 million across the bloc are still unemployed.
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