§ The Parliamentary Under-Secretary of State, Department for Culture, Media and Sport (Lord Mcintosh of Haringey)My right honourable friend the Chancellor of the Exchequer has made the following Written Ministerial Statement in the House of Commons.
The Government are today publishing a new report on economic reform in the EU.
The report evaluates the progress made in reforming Europe's economy since the March 2000 Lisbon European Council, noting both the EU's achievements over the past four years and the scale of the challenge ahead if Europe is to compete effectively in the global economy and meet its goals of higher productivity, more and better jobs and greater social cohesion. It notes that, while 6 million jobs have been created in Europe since 1999, a further 21 million are needed to meet the Union's target for 2010. Moreover, productivity in the US remains at least 14 per cent higher than that in the EU.
The report concludes that further action is needed to improve efficiency and productivity in Europe, with steps to promote increased labour, product and capital market flexibility. It sets out a series of areas for reform ahead of the forthcoming spring European Council, including to improve the regulatory framework in Europe, strengthen the single market, deliver more and better jobs, promote enterprise and innovation, ensure an ambitious outcome to world trade negotiations, strengthen the transatlantic economic relationship, and meet the challenge of sustainable development.
Copies of the report are available in the Printed Paper Office and the Library of the House.