From left to right: Mr Valdis DOMBROVSKIS, Vice-President of the European Commission in charge of the Euro and Social Dialogue; Ms Marinela PETROVA, Bulgarian Deputy Minister for Finance; Mr Vladislav GORANOV, Bulgarian Minister for Finance.
Photo: European Union
The Council presidency, the European Central Bank and the European Commission met with European social partners on 6 November 2017 to discuss the macroeconomic outlook and how to make the economy more resilient.
In his opening statement, Vladislav Goranov, minister for finance of Bulgaria and president of the Council said:
"In the last decade, Europe went through a long period of difficulties, suffering inter alia from the insufficient degree of economic resilience. The recent economic and financial crisis revealed that many EU member states had vulnerabilities which proved very costly. Even though the EU economy has recently gained momentum and economy expansion is expected to continue in the near future, a number of challenges remain, most notably on the labour market."
"Atypically low wage growth coupled with persisting long-term and youth unemployment in some member states constrain private consumption and economic growth. Therefore, this is the moment to equip our economies with appropriate instruments to better withstand future shocks, to deal with them efficiently and to be able to rebound as quickly as possible while taking the necessary steps to better utilize labour resources."