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The financial crisis has wiped out many of Europe's gains over the last decade, said Barroso (Photo: European Commission)

Brussels sets out new economic strategy for EU

by Andrew Willis, Brussels,

The European Commission set out its long-awaited proposals for a new European economic strategy on Wednesday (3 March), saying the current financial turmoil highlighted the need for stronger economic co-ordination within the bloc.

The crisis has "exposed fundamental weaknesses and unsustainable trends that we cannot ignore any longer," said commission President Jose Manuel Barroso. "The bottom line is that Europe has a growth deficit which is putting our future at risk."

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The financial crisis has wiped out many of Europe's gains over the last decade, said Barroso (Photo: European Commission)

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