EIB President dismisses ''austerity kills growth'' notion as nonsense

Tuesday 30 April 2013 16.33
EIB President Werner Hoyer says reform processes are "urgently needed''
EIB President Werner Hoyer says reform processes are "urgently needed''

The President of the European Investment Bank, Werner Hoyer, has said that recent arguments put forward that austerity measures kill growth are "complete nonsense".

Speaking on Morning Ireland, Mr Hoyer said that reform processes are "urgently needed" in most countries of the European Union.

He said that at the same as austerity, growth initiatives are needed.

"In the concert of European institutions, which take care of all the aspects of the reform policies, the EIB are doing the employment and growth and innovation side, but the other ones have to be done as well,'' Mr Hoyer said.

He added that the painful process that the Irish people have gone through is now paying off.

"I'm very optimistic that by the end of the year Ireland will be fully back to the markets, and the Irish people will have lived up to the commitments the Government made,'' he said.

He added that the painful process that the Irish people have gone through is now paying off.

"I'm very optimistic that by the end of the year Ireland will be fully back to the markets, and the Irish people will have lived up to the commitments the Government made,'' he said.