27 MAY 2010

Euractiv

The EU's monetary affairs chief said on Wednesday (26 May) Europe faced economic stagnation and political irrelevance if it did not carry out reforms and chided Germany for acting alone in banning some short-selling activities.

Olli Rehn, the European Union's commissioner for economic and monetary affairs, said the EU was at a crossroads as it tackled debt problems in Greece and other countries using the euro.

"Either we take determined and joint action for Europe's economic and political revival or we face economic stagnation and political irrelevance," Rehn told an economic conference in Brussels.

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