By Mark Smulian | 14 October 2014

Eurozone member states have implemented only 10% of economic reforms to which they signed up last year, a report to the European Parliament has concluded.

A report to the parliament’s monetary affairs committee found just 10% of the commission's ‘country-specific reform recommendations’ had been fully implemented, while no progress had been made on nearly half – 45% – of them.

The recommendations were agreed by eurozone member states as steps towards achieving economic convergence to improve financial and economic stability.

Belgian Liberal MEP Philippe de Backer, who wrote the report, said: ‘We need to see an ambitious reform agenda in the member states and sound public finances.

‘This is the smartest and most sustainable way to growth and job creation.’

The committee said the European Commission should produce quarterly reports on progress in implementing the reforms, and invite member states that fall behind to explain their reasons to the parliament.

De Backer’s report also urged member states to overcome domestic political opposition to modernising their economies, social security systems, pension systems and health care so as to avoid imposing excessive burdens on future generations.

But it called for more emphasis on growth-enhancing reforms and policies despite continuing fiscal consolidation.