EU's Barroso willing to consider budget revamp

BRUSSELS (MarketWatch)
President Jose Manuel Barroso of the European Commission signaled Wednesday that the EU executive was prepared to consider proposals to put unusued EU funds to work promoting growth
Barroso said the EU budget is important for stimulating the economy at a time when national governments are cutting back on spending
"The money's not for Brussels, the money is for investment in Europe," he said at a symposium organized by German state broadcaster WDR in the European Parliament
New French President Francois Hollande has said he intends to shift Europe's economic agenda from austerity to growth. The Socialist leader campaigned on a promise to revisit Europe's new treaty on budget discipline and has also called for a reallocation of unused structural funds in the commission's budget
Responding to a series of yes-or-no questions, Barroso said "no" to growth funded by borrowing or inflation and "yes" when asked if he'd consider reorganizing the EU's own budget
He said "no" to further negotiations of the fiscal compact
Turning to Greece, where voters on Sunday rejected German demands for austerity, he said the country must stick to its program of spending cuts and structural changes
"The alternative would be much more negative for the Greek people," Barroso said.