PARIS, Nov 30 (Reuters) - European Union member states must
work out strategies leading to more healthy public finances to
avoid becoming slaves to their debts, outgoing EU Economic and
Monetary Affairs Commissioner Joaquin Almunia wrote on Monday.
In an opinion piece for France's Le Monde newspaper,
Almunia, who will switch to the competition portfolio in the
next commission, said debt repayments were the largest budget
charge in several member states.
Governments needed to free up more money to be able to
invest in education and research and development to make Europe
more competitive and boost growth, he said.
"The choice we are faced with is the following: regain
control of the budget or become debt slaves," he said.
"There will not be strong, sustainable and balanced
growth...if we do not stop the spiral of debt," he added.
Outlining clear, credible and coordinated plans for
consolidating public finances would reassure consumers and make
it easier for central banks to keep accommodative monetary
polices, he said.
He is expecting average public debt in the European Union to
reach nearly 84 percent of gross domestic product in 2011.
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