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Changing tack on austerity would be `irresponsible`, say EU presidents
Date 18/10/2011 15:41  Author webmaster  Hits 895  Language Global
• 18 OCT 2011

By Leigh Phillips | euobserver

The EU presidents have declared their sympathies for the widening anti-austerity movement of ‘indignados’ but said turning away from austerity would be "irresponsible."

EU Council chief Herman van Rompuy told reporters on Monday: “We understand that the measures are not popular, but they are in some ways indispensable to safeguard the future.”

He said that austerity should be implemented “without creating new poverty” and “with fair and just distribution of efforts.”

However, if such structural changes to European economies did not take place, the EU would lose out against more competitive regions in the world.

“But in any case, we have to adjust our policies and in some ways, austerity is needed to restore fundamental equilibriums in the economy,” he said.

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