Post date: Jun 01, 2013 3:9:39 AM
European Council president Van Rompuy says Europe must boost youth employment and credit to small and medium size enterprises to finally come past the 'storm'.
ROME, ITALY (MAY 31, 2013) (REUTERS) - The President of the European Council Herman Van Rompuy, speaking in Rome on Friday (May 31), said European institutions must make great efforts to boost youth employment and credit to small and medium size enterprises.
Van Rompuy, who was speaking after meeting Italian Prime Minister Enrico Letta, outlined the priorities of the upcoming European Council meeting, which will be held in Brussels on June 27 and 28."We are now in that most difficult of moments. In between. After the violent storm but before the clouds start cleaning," Van Rompuy told journalists.
"In this 'in between' moment it is essential that we remain committed and keep our direction. The direction was firmly agreed by all leaders in the European Council in March" he added.
Van Rompuy said that thanks to recent policies that have increased financial stability and market confidence 'the existential threat to the euro is over' but that there is still much to do to achieve complete recovery.
Van Rompuy and Letta agreed that youth unemployment is one of the most urgent problems facing European economies.
"Social and employment policies are first and foremost a national responsibility. But the European Union can and must support this fight against unemployment and that's why I put the fight against youth unemployment, as I said together with the Italian president of the council of ministers, on top of the agenda for the next European Council in June" Van Rompuy said.
The president of the European Council identified difficult access to credit as another great obstacle to recovery.
"In June we will also discuss the issue of credit to the economy, particularly to small and medium size enterprises" Van Rompuy said.
"The current situation is not satisfactory, not satisfactory at all. In several countries, including Italy, access to credit for small and medium size enterprises is more difficult and more costly for their equivalent in other member states," he said.
"This is probably one of the biggest obstacles to the recovery right now," Van Rompuy added.
"The European Investment Bank can help to solve this problem. We expect the European Investment Bank to significantly expand the volume and the scope of its activities in support of small and medium size enterprises" he said.
The European Central Bank and the European Investment Bank will likely present a plan to improve financing to small and medium-sized companies before the next European Union summit, Van Rompuy also said.