EU underscores need for structural reforms in member states

European Union (EU) member states' ministers in charge of economic and financial affairs met here Tuesday and underscored the need for strong commitment to structural reforms.

During the meeting, the ministers adopted conclusions on in-depth reviews of economic imbalances in the member states, according to a press release issued by the Economic and Financial Affairs Council.

The ministers agreed that 16 of the examined EU member states identified in the Alert Mechanism Report 2015, a report intended to pinpoint inequality hindering economies' smooth functioning, were "experiencing macroeconomic imbalances of various natures and magnitudes."

Such countries included Britain, Germany, France, Spain, Italy, the Netherlands, Portugal and Sweden.

They also agreed with the European Commission's view that "excessive imbalances" existed in five member states of Bulgaria, France, Croatia, Italy, and Portugal.

The ministers also discussed implementing country-specific recommendations under the "European Semester," the EU's annual policy monitoring process.

"Today's debate among ministers raised awareness of the need to tackle without delay the individual policy challenges confronting each member state," said Janis Reirs, Latvia's finance minister and president of the Council.

"There is clear scope for improving implementation of the recommendations," he said. Endit