EC President disappointed with member states

Bouncing back from his recent egg attack, European Commission President José Manuel Durão Barroso admitted to feeling disappointed with the “lack of ambition” of the European Union’s members states when it comes to matters such as the financing of the economy and support of small and medium-sized companies (SMEs).

He addressed the European Parliament in Strasbourg during a debate about the summit which will include government leaders of each state member of the EU.

The former Portuguese prime minister named the financing of the economy as one of the union’s biggest problems.

“This remains one of the biggest bottlenecks in the European economy. Even with growth returning, confidence and pre-crisis lending patterns will not return quickly. We need to unblock the flow of credit and help businesses, especially SMEs. Frankly, I am disappointed that the member states are not more ambitious here. And I will tell this tomorrow to the European Council.”

Barroso also stressed the importance of the European budget.

“The EU budget will be by far the most important source of public investment over the next few years. These funds will help kick-start private funding as well, which is key to future growth.”

He believes that “without the budget of the European Union, they will simply not be able to invest, because they have no fiscal space to do it”.