Jeroen Dijsselbloem, Eurogroup President, commented:
"First, I'd like to make some remarks on the Euro area economy and the IMF and the European Commission's recommendations for the Eurozone. We dedicated the largest part of our meeting today on how to step up growth in the euro area. We discussed the Commission's euro area recommendations, the IMF Article IV recommendations, and Olli and Christine will of course go into that after my statement is finished. They will tell you more about the Commission's recommendation and the Article IV recommendations.
The recovery of the euro area is gradually taking hold. Though the path is uneven, I think the direction is clear: we are shifting out of the crisis mode. This also changes the nature of the debate in our Eurogroup. Entering this new phase, our joint efforts have to be focussed on creating an agenda which is focusing very strongly on growth and jobs. And let me be clear, that the current level of unemployment in many countries is totally unacceptable for us.
As indicated by the IMF and by the Commission, reforming our economies makes them more competitive, which is crucial in this context. We need a euro area in which we can make full potential of our economies. There is a huge potential for more growth if we do the right things. While reforms remain the responsibility of national governments, many of us deal with the same problems. And, as was also pointed out by the IMF, reforms in one country will also benefit others. And if we do some of these reforms at the same time, in the same direction, it would actually even strengthen the results in the outcome in terms of growth.
Therefore, in today's Eurogroup, we started the debate on the coordination of structural reforms. We agreed that we need a concerted effort to push each other as far as we can go to make our countries more competitive. And the Eurogroup should be a driving force behind this agenda."
The full Eurogroup statement can be read here.