European Commission to protect EU economy from market volatility: VP


African holding euros Lome. Togo.

BRUSSELS – The European Commission will take measures to protect the European Union’s economy from market volatility, European Commission Vice-President for the Euro and Social Dialogue Valdis Dombrovskis said Friday.

“We are following the volatility in the markets closely and, of course, if needed we are ready to act and come with proposals on how to strengthen Europe’s economic recovery and for it not to be hampered by the market volatility,” Dombrovskis said at a press conference given by the EU Economic and Financial Affairs Council (ECOFIN).

He added that it was important to ensure that public finances were in a sound position safeguard financial stability.

During Friday’s meeting, the ECOFIN declared its support for a 2017 budget that would strike a balance between fiscal prudence and new investments aimed at generating economic growth and creating jobs.