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Yellen urges EU to spend more for recovery – economy

“We all agree that uncertainty remains high. In this context, it is important that the fiscal position remains supportive until 2022. In the future, it is important that member states seriously consider further fiscal measures to ensure a strong national and global recovery,” she said. US Treasury Secretary, Janet Yellen, who attended the Eurogroup meeting. According to Yellen, it is necessary to create an “EU budget framework that is flexible enough to allow countries to respond aggressively to crises and invest,” which does not lead to “procyclical economic outcomes.”
Yellen then praised the next generation of the European Union, describing it as a “historic step towards deepening economic and monetary union, which will reduce the possibility that this crisis will lead to serious differences in the economic outcomes of the various EU countries.” For Yellen, the next generation of the EU could “facilitate growth and productivity-driven investments in green and digital transformations.” “Providing continued budget support to rescue our economies and investing in a comprehensive recovery does not mean abandoning caution,” Yellen said. “Long-term financial sustainability is of paramount importance, and it is one of the reasons why we continue to work together to implement a comprehensive minimum tax of at least 15%, in line with the commitment made by the G20 just a few days ago. We hope that all Member States will join in the European Union to consensus and for the European Union to move forward on this issue.” “We need sustainable sources of income that are not based on additional taxes on workers’ wages and exacerbating the economic disparities we all seek to reduce. We must end companies that funnel income to low-tax jurisdictions and accounting tricks that allow them to avoid paying their fair share. We must We are making sure that the globalized economy does not continue to trick our middle class into remaining open and free, thus encouraging economic growth and trade certainty. This race to the bottom must stop, and by working together we can make sure that happens.”

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