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France, Italy call for better economic, fiscal coordination in eurozone

Xinhua, February 25, 2015 Adjust font size:

France and Italy on Tuesday pressed member states of the single currency bloc to improve economic and fiscal coordination in order to stimulate growth and cut unemployment in Europe.

At the 32th edition of Franco-Italian summit here, leaders from both nations called on European partners to "commit to raised coordination and solidarity of its economic policies" in a bid to expand growth and ensure the proper functioning of the economic and monetary union.

Furthermore, French President Francois Hollande and Italian Prime Minister Matteo Renzi noted European leaders have to coordinate to forge a fiscal policy and an economic strategy oriented to growth and to reach sustainable, healthy public accounts.

France and Italy are working hard to respect fiscal rules mandated by the EU. Both countries, which called for an easing of budget restrictions, engaged a package of reforms to enhance investment and breathe life into a sluggish labor market.

"Continuing reforms is necessary to lift existing blockades, to liberate the potential of our economies and invest where it's needed while ensuring the necessary protection and support of our citizens," the leaders said in a joint statement.

They also noted that "significant progress had been made in Europe" to shift from fiscal rigor policy to promote growth and create more posts for jobless young people.

Their European partners were called on to adopt "a policy of productive investments" to facilitate small and medium firms' access to funds and to have strong and competitive industry.

Hollande and Renzi vowed to cement cooperation to fight against terrorism by reinforcing operational cooperation between both countries' police and judicial services. Regular and detailed data exchanges will be developed to identify the movement of terrorism-related people and funds.

Also on the agenda was the Islamic State offensive in Iraq, Syria and Libya and the situation in Ukraine, according to a government statement. Endit