Euro zone countries urged Portugal today to launch 'comprehensive and ambitious' structural reforms to boost economic growth and competitiveness, Jean-Claude Juncker said. He heads the group of euro zone finance ministers.
Lisbon's budget cuts should be followed with measures focusing on removing 'rigidities' in the labour market and improving productivity, 'so that Portugal can reverse its decline in competitiveness,' Juncker said.
'We urge the Portuguese authorities to back the budgetary measures with further comprehensive and ambitious structural reforms that would enhance potential growth,' Juncker said.
European Central Bank president Jean-Claude Trichet echoed those comments on the sidelines of a meeting of euro zone finance ministers, saying that 'ambitious structural reforms have to be implemented' in Portugal.
