Press Release: 2010 Report on Public Finances: sovereign debt crisis highlights the needs for fiscal consolidation and strengthening surveillance

Events in Spring 2010 have exposed the urgency of addressing the fiscal challenge in the euro area and the EU, as the high and rising public debts raised concerns on governments' solvency. Sovereign risk premia shot up to levels unprecedented in EMU in Member States with perceived high budgetary and macro-financial risks.

The 2010 edition of the Report on Public Finances reviews how Member States' fiscal policies have evolved in the wake of the financial and economic crisis. It assesses the prospects for public finances and policy needs ahead.

European Commission: DG Economic and Financial Affairs: European Economy, No.4, 2010: Public Finances in EMU 2010 http://ec.europa.eu/economy_finance/publications/european_economy/2010/ee4_en.htm

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