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Euro zone needs to become more ‘shock-proof’ – EU’s Dijsselbloem

FXStreet (Mumbai) - In an interview with CNBC alongside the IMF annual meeting Lima, Euro group President Jeroen Dijsselbloem noted, although growth has returned to almost all Euro area economies, it’s still a while that the entire 19-nation bloc becomes ‘shock-proof.’

Key Quotes:

"A little bit more self-confidence (is what is needed). There's been a lot of criticism about how the euro works, how the monetary union works and over time,
since we started the monetary union we've built it up, we've strengthened it and so I think we're coming into a new phase now."

"Europe is coming out of a crisis. Growth has returned to all but one of the euro zone countries and it's picking up and becoming broader. I think we should use this current stage to become more shock-proof,"

"In order to do that we need to extend and complete the banking union, build a capital markets union to diversify the way finance comes to our economy and we need to push forward with the structural reforms to become even more competitive."

"So for Europe, it's about getting more growth, increasing potential growth and making sure we become more shock-proof."

"We need to cut red tape, open up markets, make sure it's easier for people to start businesses and easier to get finance. If we deal with all these small, structural issues in our economy then I'm sure we can increase that potential growth with four percentage points."

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