Eurozone crisis not over, EU warns amid market optimism

2011-12-05 13:33

Brussels – A recent return of optimism to the financial markets should be taken with a grain of salt, a European Commission spokesman warned today, noting that much remained to be done to solve the debt crisis that has plagued the eurozone.

“I love when (bond spreads) come down, but I think one cannot draw conclusions from daily market developments,” Amadeu Altafaj said.

 “We have seen volatility over the last weeks persisting, therefore we are not in a position to say that the crisis is over – far from that.”

He did, however, argue that “a lot of work is being done in the right direction” by both the EU and its member states. He particularly welcomed new austerity measures announced in Italy.

EU Economy Commissioner Olli Rehn described the proposals late Sunday as “a much needed signal of a new approach to economic policy making” and called them “essential to reinforce the credibility on the Italian economy.”

But he also noted that “more is needed”.

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