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Rehn Says EU to Apply New Economic-Governance Rules ‘With Vigor’

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Oct. 4 (Bloomberg) -- European Union Economic and Monetary Affairs Commissioner Olli Rehn said he will apply new economic-goverance rules “with vigor.”

EU finance ministers reached political agreement on the so-called six-pack of economic-governance rules at a meeting today in Luxembourg.

“These are powerful tools for fundamentally changing the way the Economic and Monetary Union is governed,” Rehn said in an e-mailed statement. “These will enable us to ensure sustainable public finances, to pre-emptively address economic imbalances and to correct the looming problems before the risk spreads and the crisis is there.”

The European Commission “will make full use of these tools,” Rehn said. “Mark my words: I will not hesitate to fully apply the new rules with rigor from the first day these tools enter into force.”

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To contact the editor responsible for this story: Jones Hayden at jhayden1@bloomberg.net

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