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Rehn welcomes 'ambitious' Spanish measures

27 September 2012, 18:15 CET
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(BRUSSELS) - Spain's latest measures to stabilise its economy and public finances are an ambitious and major step forward on the necessary reforms it must make, EU Economics Chief Olli Rehn said Thursday.

"The comprehensive reform plan ... is a major step to broaden and deepen structural reforms ... (it) includes concrete, ambitious and well-focused measures and establishes clear deadlines in many areas," Rehn said in a statement.

The Spanish government unveiled Thursday another package of tough spending cuts amid intense speculation that after the EU agreed 100 billion euros in aid for its stricken banks in June, the country might now need a full debt bailout.

Rehn noted that the new measures met or even went beyond EU recommendations to Spain on its economic management, adding: "The reforms are clearly targeted at some of the most pressing policy challenges.

"Further enhancing the flexibility of product and labour markets will indeed be critical to boost growth and employment and to support fiscal consolidation," he said, picking up on plans for a new "independent budget authority" to monitor the public finances.

"Spain is facing important challenges ... The measures announced today are a further important step towards addressing these challenges," he concluded.


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