LUXEMBOURG, Oct. 13 (Xinhua) -- Eurogroup meeting on Monday concluded with focus on investment, urging all member states to take quick policy action.
Eurogroup president Jeroen Dijsselbloem underlined the importance of investment to reverse the low growth situation in Europe.
Dijsselbloem said the eurozone ministers agreed on taking policy action in the near future to boost investment, curing low-growth economy not only for the short term but also for the long run.
In order to boost growth under strict fiscal rules and late-coming easing monetary measures, the policy makers of Europe have to put investment policy on high agenda to implement.
However, Dijsselbloem said so far there is no way to use the European Stability Mechanism (ESM) funds to support investment agenda. He noted that using ESM for investment requires treaty changes.
After reviewing the situation on Cyprus and Greece, the finance ministers did not make decision on delivering new aid money, which are expected to be delivered in the coming weeks.
The Board of Directors of the ESM Klaus Regling said there are 1.8 billion euros (2.28 billion U.S. dollars) available for Greece' next aid.
Speaking of possible Greek exit, Dijsselbloem said there is strong consensus in the eurogroup meeting on the fact that Greece' program exit has to be a sustainable one.
Greece has been relying on vital multi-billion euro bailout loans since May 2010 to stay afloat. After implementing a harsh austerity and reform program designed in cooperation with international lenders, Greece is expected to return to growth this year.
