Euro-Zone Countries Should Be Ready to Cut Debt, ECB Says
The 16 members of the euro-zone should "be prepared to accelerate consolidation where necessary to correct their excessive deficits," the ECB said, according to The Wall Street Journal. "If previously overly optimistic macroeconomic forecasts fail to materialize, countries should swiftly adopt additional consolidation measures to ensure that commitments are fulfilled."
Higher-than-expected growth in the first half of the year should help countries reduce their debt burden, the ECB said. Still, countries like Ireland won't meet the required deficit limit before 2014, the bank said.