Bloomberg News

Juncker Says EU Jan. 30 Summit Measures ‘Largely Insufficient’

February 02, 2012

Feb. 2 (Bloomberg) -- Luxembourg’s Jean-Claude Juncker, who leads the group of euro-area finance ministers, said steps to tighten fiscal discipline and tackle the sovereign debt crisis adopted at a European Union summit on Jan. 30 are “largely insufficient.”

EU leaders will need to take further steps when they convene again in early March, Juncker said in a speech in Luxembourg today, adding that he seeks better coordination of economic policy across the bloc.

“We have an internal market, we have a common currency, but we don’t have a centralized economic authority,” Juncker said.

At the summit, EU leaders agreed to accelerate the setup of a full-time 500 billion-euro ($656 billion) rescue fund and endorsed a German-inspired deficit-control treaty.

Juncker said Greek bond-swap talks with private creditors are “ultra-difficult.” He renewed criticism of rating companies and said he’ll hold talks with Moody’s Investors Service in Brussels next week.

To contact the editor responsible for this story: Patrick Henry at phenry8@bloomberg.net


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