Pedro Solbes

Date: 02/09/1999

PEDRO Solbes had clearly done his homework thoroughly before facing the Parliament's economic and monetary affairs committee.

The former Spanish finance minister appeared at ease throughout his audition as he parried questions about the impact of the single currency on employment.

Solbes insisted that EU jobs were not being put at risk by governments sticking to the terms of the stability and growth pact, which is designed to ensure budgetary discipline in the euro zone.

The Commissioner-designate for economic and monetary affairs insisted that the pact's strict rules did not clash with the new employment pact agreed by EU leaders at the Cologne summit in June, which is aimed at fostering job creation.

“I do not see why there is a contradiction. The two can be consistent. That is what we have to work towards,” he said.

He agreed, however, that more needed to be done to tackle unemployment, adding: “You can't be satisfied with 10&percent; of the workforce on the dole.”