GDP growth has been negative in nearly all OECD countries, and the decrease in world trade means that all countries have recorded a fall in export growth compared with previous years.
The crisis has led to intensified international competition among countries in order to retain and attract global companies. It is therefore important for individual countries to stand out as a location where enterprises are given ample opportunities to grow and develop.
Needs a common strategy
With the mutual dependency of the EU member states, the European Union needs a common strategy to refuel growth if European enterprises are to succeed in global competition.
The EU did not by any means reach the goals of the Lisbon Agenda of being the most competitive, knowledge-based region in the world by 2010. Furthermore, in a few years Europe will be overtaken by both China and the United States and will drop from being the world’s largest economy to being third on the list. Hence, the time for talk is over for Europe if we are to maintain a leading role in the world.
Europe needs an ambitious and targeted growth strategy which must be governed in a responsible manner by the political leaders in the member states.