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Letter to Herman Van Rompuy on European economic governance ahead of task force meeting on 12 July 2010
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Economic policy and structural reforms

The economic and financial crisis has inflicted severe disruptions on the European and global economy. Since mid-2009, a tentative recovery is under way but the momentum needs to be consolidated. Decisive policy measures are needed. Concrete actions must be oriented to raise EU’s growth potential from 1% to 2% over the next five years. This could translate over the period 2010 to 2014 in around 6.5 million new jobs and savings of more than 450 billion euro in public debt levels. All available instruments at EU level must be coordinated and mobilised better to reflect priorities for reform and show the pathway to competitiveness and sustainable growth.

In a number of reports and declarations, BUSINESSEUROPE emphasises the need to address structural weaknesses and increase the resilience of the economy in an intelligible manner. Concrete proposals reflecting the priorities of the business community are put forward.

Visitors will find also find below our latest Economic Outlook and European Reform Barometer.
Figures, data and country sheets are in a separate table here.

Briefings
Europe 2020 - Benchmarking
Public finances and euro-area governance
Reports and publications
Lasting growth will only be achieved with greater stability
11 June 2010 - 2010-01385-E.pdf (287 kB)
Ahead of the European Council on 17-18 June 2010, the Presidents of BUSINESSEUROPE member federations meeting in Madrid on 11 June adopted a political declaration emphasising the importance of promoting growth, competitiveness and fiscal discipline to ensure a rapid and lasting return to job creation. The declaration also demonstrates the solid and collective support of the entire European business community for the euro. It urges European leaders to set the right course of action and instil a new sense of urgency in their decisions. The core messages of the Madrid Declaration were conveyed to His Majesty the King of Spain and to the President of the Spanish Government José Luis Zapatero during audiences with the Council of Presidents delegation.
Improving euro-area governance, securing the long-term success of the euro
14 June 2010 - 2010-01412-E.pdf (228 kB)
The Council of Presidents endorsed detailed recommendations on euro-area governance in order to guarantee the stability and long-term success of the euro. It called for a sense of urgency and priority in the current discussions ensuring that decisions to address underlying causes of past failures are agreed by the autumn and implemented before the end of 2010. BUSINESSEUROPE report addresses both preventive and corrective aspects, and foresees a gradual tightening of enforcement mechanisms to ensure compliance at Member-State level. The detailed recommendations have been sent to Presidents Van Rompuy and Barroso.
Economic Outlook June 2010 - Recovery consolidating despite uncertainty
14 June 2010 – 2010-01411-E.pdf (411 kB)
The recovery is consolidating, supported in particular by a revival in global trade and industrial activity. BUSINESSEUROPE predicts real GDP growth in the EU to reach 1.1% this year and 1.6% in 2011. Unemployment in the EU is expected to stabilise just below 10% in the coming months, and job creation to resume in the later part of 2011. However, the ripple effect of the sovereign debt crisis is an important source of uncertainty at present, although it is not expected to derail the recovery. This has significantly changed the broader economic environment and increased uncertainty for companies. Recent developments have stressed the need to rethink the governance structure of the euro area. In its June 2010 Economic Outlook (.pdf/529 kB), BUSINESSEUROPE proposes several policy recommendations:
  • Implement an exit strategy to consolidate public finances and restore confidence in the euro;
  • Undertake necessary reforms for an entry strategy supportive of growth and job creation; and
  • Strengthen euro-area governance through stronger preventive actions and progressive penalties.

Individual country evaluations can be downloaded from the table here.
The European Reform Barometer - Benchmarking our way out of the crisis
15 March 2010 – 2010-00767-E.pdf (2.6 MB)
Presented ahead of the Eurogroup and ECOFIN Council and in preparation of the Spring European Summit, BUSINESSEUROPE’s European Reform Barometer evaluates the EU’s performance and individual country position on key structural indicators in 2009, and their relative evolution since 2008. Among larger EU economies, Sweden, Austria, Germany and the Netherlands are combining above-average scores on a number of fronts with a certain degree of resilience to the crisis. However, room for improvement is identified in each and every Member State. The report highlights main growth bottlenecks and presents key recommendations for an improved system of economic governance in the EU.

Individual country evaluations can be downloaded from the table here.
Library

For previous public papers, search here.

Videos

Madrid Declaration
14 June 2010
Press conference – Director General Philippe de Buck presents BUSINESSEUROPE’s Madrid Declaration, agreed by Presidents of BUSINESSEUROPE's member federations at their meeting in Madrid

Economic Outlook June 2010 – Consolidating recovery despite uncertainty
14 June 2010
Press conference – Director General Philippe de Buck presents BUSINESSEUROPE’s latest economic outlook

Euro-area governance
14 June 2010
Press conference – Director General Philippe de Buck presents BUSINESSEUROPE’s report "Improving euro-area governance, securing the long-term success of the euro"

Benchmarking our way out of the crisis
15 March 2010
Press conference – President Thumann presents the European Reform Barometer Spring 2010 and the report on sustainability of public finances

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Marc Stocker
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Tel. +32 2 237 65 15

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Latest update:
10/09/2010
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