European Commission President Jose Barroso promised a “big leap forward” toward a better-run euro economy and urged the U.S. to tame its deficits in order to shore up global growth.
Barroso, in charge of the European Union’s executive arm, said plans for better bank supervision and closer fiscal and political ties within the 17-nation euro zone point the way out of the almost three-year-old debt crisis.
“There is a now a strong political will in Europe to do whatever it takes to exit this crisis stronger and more united than ever before,” Barroso said at Princeton University today, according to a speech text released in Brussels.
Barroso also took aim at global economic imbalances, fueled by China’s export-driven growth strategy and by budget deficits and excessive consumption in places like the U.S.
“Restoring growth in Europe is as important for the world as the U.S. actions to prevent a fiscal cliff or the rebalancing of the growth model of some emerging economies,” Barroso said.
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