"The upturn is gaining ground, but this is no time for complacency or speeches of self-congratulation,” said the European Commissioner for Economic Affairs Olli Rehn, adding that Portugal has experienced a strong contribution to economic growth from its rising exports, but insisting on the need still to pursue the hard path of austerity and reforms.
Olli Rehn was speaking at the presentation of the 'Euro Plus Monitor 2013' report in Brussels, and argued that we are watching a "rebalancing of the economy of the eurozone, with an increase in confidence and in domestic demand, and with exports contributing strongly to growth."
"For example, in Spain and Portugal we are witnessing a great improvement of export growth," noting that in Ireland this had been happening for some time.
Commenting on the latest data from Eurostat, Rehn said it "shows that the economies of Spain and Portugal have returned to positive territory, and that these countries no longer live beyond their means."
"Yes, the recovery is gaining ground, but the ongoing adjustment process is necessary and will continue to weigh on growth for some time yet. The high level of unemployment is a reminder that this is no time for complacency or for speeches of self-congratulation, the focus should be maintained on investment, access to funding and policies that foster growth, while maintaining the planned reforms.”
