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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology EU takes stand to boost growth, financial supervision AFP - Wednesday, September 8 Send IM Story Print EU takes stand to boost growth, financial supervision STRASBOURG (AFP) - – The European Union laid out ambitious goals on Tuesday to strengthen its economy as the European Commission proposed a joint EU-wide bond and ministers approved tighter financial supervision. European Commission President Jose Manuel Barroso told the EU parliament in Strasbourg that the 27-nation bloc's economic outlook was better today than one year ago thanks to the "determined action" of member states. But he warned that not all EU states were benefiting from the recovery -- a view shared by economists who have pointed to the struggles of countries battling big deficits and debt such as Greece. "The recovery is gathering pace, albeit unevenly within the Union. Growth this year will be higher than initially forecast," he said. "The unemployment rate, whilst still much too high, has stopped increasing. Clearly, uncertainties and risks remain, not least outside the European Union," he said. The head of the EU executive arm called for efforts to boost growth, deepen the single market and generate three million "green jobs" by 2020 amid a 10 percent unemployment rate. "This is Europe's moment of truth," Barroso said in his first ever State of the Union speech before the EU lawmakers. "Europe must show it is more than 27 different national solutions. We either swim together, or sink separately. We will only succeed if, whether acting nationally, regionally or locally, we think European," he said. He also proposed the creation of a European bond to finance major infrastructure projects, a controversial idea which has been rejected by several members including Germany. "Pooling money at the European level allows Member States to cut their costs, avoid overlaps and get a better return on their investment," Barroso said. "We should also explore new sources of financing for major European infrastructure projects. For instance, I will propose the establishment of EU project bonds, together with the European Investment Bank," he said. Objections to a European-wide instrument to borrow money arise largely because a joint bond would raise issues concerning the principle of pooling risk and national credit ratings. Opponents hold that this might be an important step away from national sovereignty and responsibility in issuing debt towards a more federal arrangement. Back in Brussels, finance ministers endorsed a compromise deal to create pan-European supervisors to oversee banks, insurers and markets as a way of preventing a new financial crisis. EU states and the European parliament reached an agreement last week after months of negotiations over how much power to grant to the new agencies, with Britain seeking guarantees that its fiscal sovereignty would be protected. "The reform is aimed at establishing a new basis for supervision in Europe, eliminating deficiencies that were exposed during the financial crisis," an EU statement said. The deal creates a European Banking Authority, a European Insurance and Occupational Pensions Authority and a European Securities and Markets Authority. It also forms a European Systemic Risk Board which would look out for threats to the region's economy. The deal now goes to the EU parliament which will vote on it at its next plenary session starting September 20. The EU hopes the supervisors will be operational on January 1. Britain, home to one of the world's biggest financial centres in London, has insisted that decisions of the pan-European agencies should never interfere with a state's fiscal sovereignty. It fought to limit the ability of the European agencies to intervene in a crisis by obtaining the right to appeal their decisions. However European lawmakers believed such a mechanism would weaken the supervisors and a compromise was finally reached last week that would prevent any "abuse" of the safeguard. The debt crisis in Greece earlier this year led to European Union countries jointly financing a rescue, and to putting Greek public finances under especially close supervision. These two measures were seen as significant changes in the balance between national sovereignty and a pooling of economic authority. 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