Eurogroup says more investments, jobs needed for recovery

President of the Eurogroup Jeroen Dijsselbloem said here on Monday that to keep the recovery on track, more investments, jobs and raising productivity were needed.

He made the remarks at a press conference after a meeting of the Eurogoup, saying that the euro area cannot keep counting on low energy and oil prices, quantitative easing and a low exchange rates.

"That means keeping our focus on growth-enhancing structural reforms and sound fiscal policies, so that we capitalize on the current benign environment of lower interest rates and higher growth," he said.

He added that the positive news was that fiscal frameworks had been strengthened in almost all euro area member states and now the countries need to translate these frameworks into strong track records for fiscal outcomes.

The Spring Forecast from the European Commission shows clear improvements, he said, noting the recovery was strengthening, with growth picking up across the continent.

The Eurogroup meeting also touched on the issues of Greece and Ireland, in which the Eurogroup said more time would be needed to bridge the remaining gaps and to reach a comprehensive agreement on the resolution of the Greek debt crisis. Endit