ECB: Crucial to continue with fiscal consolidation and economic reforms in the Eurozone

FXstreet.com (Łódź) - The ECB answered a EU parliamentary questionnaire on Friday regarding their position in the Troika. The central bank pointed to the considerable economic improvement in Eurozone countries participating in bailout programs, adding however that several of them haven't provided complete information on their progress.

According to the statement, one Eurozone country has even presented misleading information.

The ECB emphasized that Troika's aid helped avoid disorderly defaults in the Eurozone and consequently the possible financial contagion. The central bank said that it expected Ireland and Portugal to achieve primary surplus this year.

For a continuing recovery in the area it is necessary however to carry on with fiscal consolidation efforts and to step up reforms in the product and service markets. Otherwise unemployment will remain high in the Eurozone, the ECB warned.