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EU to Pledge ‘Differentiated’ Budget Cuts, Seek Growth Steps

European Union leaders are “taking all necessary measures” to restore growth while also paring excessive debt, according to a draft EU summit statement.

Countries drawing on aid or under “market scrutiny” must abide by budget targets while better-off countries “should let automatic stabilizers operate fully,” said the draft of the statement to be released at the end of a March 1-2 summit in Brussels.

Europe has made “insufficient” progress on targets for research, employment, climate change, education and social inclusion, the draft said. It called for “more precise, operational and measurable commitments.”

The statement echoed prior warnings that banks strengthen their capital positions “without excessive deleveraging.”

It set a June target for launching a “project bond” initiative that will guarantee some new bonds sold for energy and transport projects.

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