Olli Rehn, the European commissioner for economic and monetary affairs and the euro, has called for European Union member states to do more to implement structural economic reforms, shore up banks and help SMEs obtain finance.

Rehn said that unemployment was at “unacceptably high levels” and that politicians and EU officials had to do “whatever it takes” to combat it.

He issued his statement shortly before the start of today’s summit of finance ministers and central bankers of the G20 group of advanced and emerging economies in Moscow.

“We must remain focused on steadily improving the structural sustainability of public finances, at a pace appropriate for each country,” Rehn said, before adding that it was necessary in some countries to “step up the momentum” on structural reforms for competitiveness, growth and jobs.

He added that more needed to be done to ease access to finance for small and medium-sized enterprises.

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While low lending volumes are partly due to low credit demand, they are also due to low supply of credit as banks deleverage, build up capital and repair balance sheets,” he said.

“To ensure that banks have sound balance sheets, an in-depth review of banks’ asset portfolios is foreseen before the Single Supervisory Mechanism takes over.”

He also called for swift agreement by member states of the European Commission proposal for a single bank resolution mechanism.

During the meeting the finance ministers of the G20 are expected to endorse plans to change the way that multi-national companies are taxed.  

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