Van Rompuy urges more policy coordination

BRUSSELS - European Council President Van Rompuy here Thursday called on EU member states to concentrate more on coordination of policies to spur economic growth.

"Opposing debt reduction and growth is a false debate, they are two sides of a coin," said Van Rompuy during a press conference after an informal EU summit.

He said that "without public finances, there will be no sustainable growth. But without sustainable growth, measures to bring debt level down will be in vain."

Van Rompuy cited three major points discussed during the meeting -- to mobilize EU policy to fully support growth, to speed up effort to finance economy and investment, as well as to strengthen job creation.

According to him, measures to implement those three points include facilitating legislative proposal like Single Market Act and Energy Efficiency Directive, finalizing the remaining issue of European patent before the Danish EU Presidency, continuing study on how to use international trade as an engine for growth.

Van Rompuy also mentioned that the European Investment Bank was considering an increase of capital by June for financing projects across the EU.

As for job creation, Van Rompuy reiterated that the EU and its member states should invest in skills and training, make concrete reforms and support labor demand and job creation in key sectors of economy.

He also pointed out that to safeguard financial stability and integrity in eurozone, "we need to take Economic Monetary Union to a new stage." But he deliberately avoid too much words on the issue of eurobond, only described it as within "framework of a long-term project."