British PM Urges EU to Reform

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Last updated at: (Beijing Time) Tuesday, November 05, 2002

British PM Urges EU to Reform

British Prime Minister Tony Blair on Monday urged the European Union (EU) to take economic reform and said its debt pact should be interpreted more flexibly.

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British Prime Minister Tony Blair on Monday urged the European Union (EU) to take economic reform and said its debt pact should be interpreted more flexibly.

"The issue for Europe is one about reform, in particular economic reform which is why we have been pushing that agenda so hard," Blair said in a news conference held in his Downing Street office.

"It is obviously important that there is fiscal and monetary discipline within the European economy," he said.

"It is important also however that discipline is not so rigid that it doesn't take account of the reasons why people spend moneyand in particular the difference between borrowing for investment and borrowing for consumption," the prime minister told reporters in his monthly news conference.

The remarks were made while Euro zone finance ministers meet Monday to discuss their budget rules, which have been dubbed "stupid" by European Commission President Romano Prodi for being too rigid at a time of slow growth.

Britain has always been arguing that the EU should take more flexible position and make more reform to fit the latest development in Europe. But it still refuses to join the euro, saying its economic situation is not ready yet.

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