December 17, 2019 / 2:46 PM / a month ago

EU executive urges euro zone to use fiscal policy to bolster ECB

BRUSSELS, Dec 17 (Reuters) - The European Commission called on euro zone governments on Tuesday to use fiscal policy and engage in structural reforms to help the European Central Bank’s efforts to boost inflation and job creation.

In annual recommendations for the 19 countries that share the euro, the EU executive said governments should also start talks on setting up a bank deposit insurance scheme and said it would propose a pan-EU unemployment reinsurance scheme.

“The European Central Bank is maintaining an accommodative monetary policy to help inflation edge towards its medium-term inflation objective, while supporting growth and job creation,” the Commission said.

“Fiscal policy needs to complement the monetary policy stance, as are structural reforms across different sectors, including those necessary to complete the architecture of the Economic and Monetary Union (EMU),” it said. (Reporting by Jan Strupczewski; editing by Philip Blenkinsop)

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