MNI (BRUSSELS) - Euro Area finance ministers have called for a "gradual and sustained fiscal consolidation" in the euro zone in 2025.  The ministers say, however, that this should be carried out in a way that minimizes the impact on growth, enhances productivity and maintains or increases investment.

The Euro Area's average deficit will decline to 2.8% of GDP in 2025 and is already turning contractionary as of this year with an average debt hovering around 90% through 2023-25, the statement said.  The Eurogroup ministers also stated that the conditions for a "gradual acceleration of economic activity in 2024 and 2025 remain in place in the euro area" supported by consumption, a deceleration in inflation and a resilient labour market.  

"Risks to the economic outlook remain tilted to the downside, amid a still challenging external environment," the ministers added.