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Speaking at the European Business Summit in Brussels, Edward Davey said: “Europe is facing deep structural problems. Productivity is shrinking…
Speaking at the European Business Summit in Brussels, Edward Davey said:
“Europe is facing deep structural problems. Productivity is shrinking. Our average growth rate is lower than the US, India and China. And we are all sitting on a time bomb, with ageing populations and too many people out of work.
“We need to tackle the structural barriers to growth and harness Europe’s strengths and competitive advantages to enable our economies to compete, individually and collectively, on the global stage.
“There is a fundamental need for reform. That means reinforcing the Single Market; boosting trade; and getting smarter about regulation to lift the burdens weighing down business. It’s vital that we renew our sense of purpose without delay, to ensure that we do emerge stronger from the crisis that almost consumed us.
“Reinforcing the Single Market is simply a prize too big to ignore and too urgent. Boosting the single market will ultimately give us a stronger hand to play in global trade talks and trade will be crucial in supporting economic growth and recovery.
“We certainly can’t spend our way back to economic health. Structural economic reform has to be the motor that powers Europe’s growth and delivers our jobs and prosperity in the future.”
Whilst in Brussels Mr Davey also met counterpart European Ministers and Commissioners for a series of discussions on the EU better regulation agenda, Belgium’s forthcoming presidency of the EU, EU Free Trade Agreements, the Doha Development Agenda and EU employment legislation.
Notes to Editors
Mr. Davey attended in his capacity as Business Minister for Trade Policy and was speaking at the opening plenary session of the two-day event on the topic: ‘Post-crisis Europe: can we emerge stronger?’
The European Business Summit (EBS) annually attracts 2500 participants including CEOs and top Executives, European Commissioners and media.
There are two plenary sessions, the President’s Debate and the twelve interactive sessions which will focus on topics such as economic recovery, financial regulation, trade for growth, the place of Europe in the world, climate change and energy, innovation and the digital agenda.
The opening plenary session also included Rudi Thomaes (CEO, Federation of Enterprises in Belgium), Kristalina Georgieva (European Commissioner for International Cooperation, Humanitarian Aid and Crisis Response), Vincent van Quickenborne (Belgian Minister for Economy and Reform) and Phillipe de Buck, Director Genral (BUSINESSEUROPE).
Edward Davey met with his EU counterparts and Commissioners including Vincent van Quickenborne (Belgian Economic Minister), Catherine Day (Secretary General, European Commission), Steven Vanackere (Belgian Trade/ Foreign Minister), Karel de Gucht (Trade Commissioner) and Laszlo Andor (Employment and Social Affairs Commissioner).
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Notes to Editors
Name BIS Press Office Job Title
Division COI Phone
Name Henry Tanner Job Title
Division Department for Business, Innovation and Skills Phone 020 7215 5947 Fax
Published: 30 June 2010