Following a eurogroup meeting on Monday night, European economic and monetary affairs commissioner Pedro Solbes held a news conference to call for an overhaul of the tax and benefit systems in the euro zone.
According to AFX press news agency, Solbes described such an overhaul as crucial to the euro zone's goals of reaching higher growth rates and full employment. He said: 'Whilst the short-term economic outlook is gloomy, I am firmly expecting an improvement in the course of next year.'
'However,' he continued, 'it is clear that even more favourable macroeconomic conditions and an accompanying reduction in unemployment will not be sufficient to meet the objectives.' In particular, Solbes said he would like to see member states reduce the current disincentives to work, improve upon the administration of benefit systems and remove the incentives for early retirement.
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