In a recent speech, Rehn also said there were signs of a gradual recovery for Europe.
"Since the spring, we have seen increasing signs that a gradual recovery is underway," he said. "We expect this recovery to grow firmer in the coming months and to gather speed next year. Last Friday, we saw that economic sentiment in the eurozone and the EU rose sharply again in September: for the EU as a whole it rose above the long-term average benchmark for the first time in 27 months. This is a further sign that our strategy of differentiated fiscal consolidation and economic reforms that support competitiveness is paving the way for a sustainable recovery."