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Clear, simple fiscal rules needed across EU - Rehn

Source: Reuters - Tue 24th Aug 2010

Spending cuts in Greece and Spain have both on the road back to financial stability, the EU's top monetary affairs officer said on Tuesday, though all EU countries must adhere to clear fiscal rules to avoid a debt relapse.

"Programs on fiscal coordination and consolidation are being implemented" said Olli Rehn, the EU's economic and monetary affairs commissioner, during a briefing with reporters in New York.

Greece is on track to receive the second tranche of a 110 billion euro joint EU-IMF aid package, he said, while Spain is making progress but must take action on labor market and pension reform.

Rehn said the European Commision was studying a request by some member countries to change its accounting rules for states that implement pension reform.

"I see the necessity of enhancing pension reforms in the EU" he said. "But having said that, it's essential that we maintain clear and simple fiscal rules."

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