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A different Europe for a new economic era
06/11/2009
By Claire West
The European Union must re-build its leadership and reshape its core spending and economic policy to strengthen Europe's ability to compete on a global scale, Lord Mandelson said today.
He said the EU needed to "get real" about the need for a strong leadership and radical change in order to keep pace with the "G2" - the US and China - including greater strategic support for innovative, high-growth sectors and low-carbon job-creation.
Lord Mandelson said:
"We are approaching a decisive break with the economic past - a totally reordered global economy. The idea that this doesn't require serious new thinking in Europe is just not credible - it must be based based on new strengths and capabilities to enable us to compete in a much tougher global economy.
"We will either step into a meaningful role in a multipolar world, or make do with a walk-on role. Will we drive the agenda, or become a subsidiary of a process driven and shaped elsewhere, above all by the G2, meaning the US and China. We need policies and structures for this changed world. So it is time that Europe got real."
Lord Mandelson offered a wide range of suggestions for refocusing EU policy around innovation and investment in growth, including:
Refocusing the EU's structural and research funds to support innovation.
Potentially amending EU State Aid rules to boost growth in high-tech industries including low-carbon.
Driving forward the benefits of a single market, especially by making open trade in services a reality.
Rethinking some of the organisation of the European Commission to reflect the importance of innovation, the digital economy and climate change.
Lord Mandelson said that it was important that open markets and fair competition was defended during the downturn and this remains the case. He argued that it is right... continued on page two >
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