Stability, credibility of the euro is the biggest priority!

Leaders of European businesses, presidents of 40 member federations in 34 countries gathering in BUSINESSEUROPE discussed the importance of stability and credibility of the euro, the need to focus more on growth and to strengthen the international dimension of European economy at their Council of Presidents in Brussels on 3rd December 2010.

Through a letter of BUSINESSEUROPE’s president Juergen Thumann, European businesses call upon the European Council to reaffirm a strong leadership on the European level that will acknowledge that short-term efforts to restore stability and alleviate tensions on sovereign debt and financial markets should not be the only focus. The priority is to restore confidence in Europe’s medium-term prospects and better governed and more competitive Europe. To face the challenges of the euro, appropriate actions have to be designed to support smart consolidation and growth-enhancing reform efforts in all Member States, restore well-functioning, stable and resilient financial markets and ensure lasting discipline and cohesion between countries sharing the euro. Furthermore, it is more than needed to restore trust in EU’s growth prospects in medium-term as well as the competitiveness of economies of its Member States. Competitiveness of our companies will more and more depend on access to third markets, access to finance and access to raw materials.

Therefore, the EU has to promote competitive implementation of new capital rules for banks at the global level, progress in the Doha trade negotiations in the WTO and keep on in the fight against protectionism and focus on strengthened partnership for energy and raw materials. With timely and appropriate political decisions, today’s recovery can be sustained.