Posted 18.05.2012 12:09:29 UTC
Updated 18.05.2012 12:09:29 UTC
Barroso made a speech in the United Nations General Assembly High-Level Thematic Debate on the State of the World Economy and Finance in 2012.
Barroso said that they were doing a root-and-branch reform of their budgetary and economic policies and were making good progress in laying firm foundations for strong economic recovery and sustainable growth.
"Europe's key concern is economic growth, but not growth driven by unsustainable borrowing. We need fiscal consolidation, structural reform and targeted investment" he said.
Barroso said that it is critically important to avoid any form of protectionism, adding that all EU member states are interdependent.