europa.eu/ - In Europe, our overriding objective is to create the conditions for sustainable
growth, and we are working hard on many fronts to achieve that objective, through:
-structural reforms to boost competitiveness and job creation,
-financial sector repair to get credit flowing again,
-consistent fiscal consolidation where necessary and at a pace that is appropriate for each country.
Thanks to this consolidation effort, deficits in the eurozone have halved since 2011, from around 6% to
below 3%, we expect, this year. Now, we have received plenty of advice, also in recent days, on the pace of fiscal consolidation in Europe. Well, I will let you into a secret: the pace of consolidation in Europe has already been slowing down since last year. The increased credibility gained since 2011 as a result of progress in balancing budgets and the stabilisation effect of the measures taken by the ECB has made this possible. This year, in fact, the structural fiscal adjustment in the eurozone will be around ¾ of a percentage point, roughly half the level of last year; while in the US, it is expected to be around 1.75 percentage points in 2013.
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