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Almunia says Europeans must not become debt slaves - paper

2009-11-30 11:36:35 GMT (Reuters)
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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.

(Reporting by Anna Willard; Editing by Ron Askew)

((Reuters Messaging: anna.willard.reuters.com@reuters.net; +33 1 49 49 5339; anna.willard@reuters.com))

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