EU Economic and Monetary Affairs Commissioner Joaquín Almunia on "Securing European Success in the Global Economy"

Joaquín Almunia, EU Commissioner for Economic and Monetary Affairs, addressed an international conference in Estonia on "Opportunities for the European Economy in the Global Competition." From his speech:

"For most EU Member States, globalization has...generally been a source of important gains. Twenty percent of the improvements in our living standards over the last 50 years can be attributed to the EU's growing integration with the world economy, and another 10 percent can be attributed to growing trade between Member States. So, rather than seeking shelter from global competition, Europe should make full use of the opportunities it offers, while minimizing the inevitable adjustment costs….

"The European Union is taking a leading role in this respect, helping Member States to adjust to the demands of globalisation via three important pillars: first through a strong Economic and Monetary Union, second with the Lisbon Strategy's agenda for structural reform and finally by taking advantage of our enlarged Internal Market…. We shouldn't underestimate the scale of this task. For Europe, globalization means facing fierce competition, both from low-cost economies like China and India and from innovation-driven economies like the U.S.

"Adapting our economies for global competition should not mean sacrificing social justice. Structural changes to our economies must be accompanied by suitable social policies…. It means supporting those who find themselves out of work and providing the best means to get them on their feet again. We must equip Europeans for a labor market in which adjustment to change and life long learning is the norm, and this means strengthening their employability and improving our education systems at all stages."

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