During today's informal meeting in Göteborg, Sweden, EU finance ministers concluded that while the EU's fiscal and monetary policies and comprehensive measures to tackle distress in the financial sector "have contributed strongly to halting the free fall of the economy and regaining stability," it is "too early to withdraw the stimulus measures" and the "extraordinary support should remain in place until recovery is secured." The EU finance ministers stressed that fiscal exit strategies should be designed and implemented "within the framework of the Stability and Growth Pact", "comprehensive," and encompass the following "principal" elements:

  • A timely withdrawal of the extraordinary measures;
  • Further structural fiscal consolidation of more than 0.5 per cent of GDP per year;
  • Comprehensive structural reforms aiming at strengthening structural employment and potential growth, including labor market reforms and long term investments; and
  • Strengthened national budgetary frameworks.