 "'Eurozone situation better than media reports'")
Mumbai: Economic situation in the troubled euro-zone is improving because of significant measures taken up by the member-nations, contrary to the mainstream media perception and market beliefs, European Financial Stability Facility Chief Executive Klaus Regling has said.
He said at the macro level much has improved since the sovereign debt crisis broke out five years ago following the fall of some leading American banks.
Regling was delivering the first International Institute of Strategic Studies (IISS)-Oberoi lecture on ‘The Euro and the future of Europe’ here last evening. The IISS is a leading London-based institute dealing with geo-political and economic issues.
He also defended the concept of the euro and said both fiscal and current account deficits have improved and are already better than many other developed countries.
[caption id=“attachment_425933” align=“alignleft” width=“380”]  European Central Bank. Reuters[/caption]
“Despite the lack of confidence of market participants and scepticism, the member-states of the Euro area, hence the European Union, have made significant progress on national level in reducing macroeconomic imbalances,” Regling said.
Explaining some of the measures taken up by the euro-zone nations and their impact on key economic indicators like improving fiscal and current account deficits, moderate inflation among others, Regling said the indicators show sound improvement from the debt crisis.
According to the EFSF chief, fiscal deficit in the euro-zone was only 4 per cent in 2011, which is down from around 6 percent from the previous year.
“This fiscal deficit is half that of the deficit of the US or Japan. Also, the Union (EU) has projected 3 per cent fiscal deficit next year,” he said, adding that macroeconomic stability in member-nations like Spain, Italy, and Greece are
stabilising.
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