Frieden Says He Supports Aim of Van Rompuy Debt Plan

Luxembourg Finance Minister Luc Frieden said Europe needs to pursue greater fiscal, economic and financial integration, and proposals by European Union President Herman Van Rompuy to consider the pooling of national bill sales and setting up a euro-zone budget with its own borrowing powers are in-line with these objectives.

“These are long-term objectives that I support, but they are no answer to short-term problems that Europe has to face,” Frieden told reporters in Mexico City today. “In the short-term, we need to do intelligent fiscal consolidation. Once we have that, further steps should be envisaged.”

(Corrects spelling of European Union President’s name in headline and first paragraph.)