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European Commission Fears Prolonged Low Economic Growth, Proposes Measures

© East News / APEuropean Commissioners address the media at the European Commission headquarters in Brussels, Friday, Nov. 28, 2014
European Commissioners address the media at the European Commission headquarters in Brussels, Friday, Nov. 28, 2014 - Sputnik International
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The European Union is facing a risk of prolonged low economic growth, according to the European Commission vice-president, which promted the organization to propose a strategic policy to avoid these risks.

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MOSCOW, November 28 (Sputnik) — The European Commission is proposing a new policy based on investment, structural reforms and fiscal responsibility in order to mitigate the risk of prolonged low economic growth, the commission vice-president said Friday.

"The European Union is facing a risk of prolonged low economic growth, which would aggravate the already serious social problems in parts of the Union," Valdis Dombrovskis was quoted in a press release on the commission's website. "This is why today we propose a strategic policy mix based on investment, structural reforms and fiscal responsibility."

He called on governments, parliaments and social partners to take urgent action at EU level and in each member state in order to ensure that the conditions for sustainable growth are met and that EU citizens have better employment opportunities.

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"Job creation, social policies are at the heart of our agenda," added Marianne Thyssen, EU Commissioner for Employment, Social Affairs, Skills and Labour Mobility.

She noted that EU member states that had reformed their labor markets served as an example that the reforms work and said that the 315 billion euro Investment Plan (some $392 billion at the current exchange rate) could improve the results further.

On November 28, the European Commission published a report titled EU Annual Growth Survey 2015: A new Momentum for Jobs, Growth and Investment. The survey focuses on how Europe can secure sustainable job creation and economic growth. The 315 billion euros of additional public and private investment proposed by the commission over a period of three years is expected to help the EU achieve its goals.

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