In The Press
European Union and the Global Crunch (Letter to the Editor of The Times)
3 March 2009
Sir, To say that the EU is being tested and found wanting in the present crisis is a little harsh (leading article, Feb 28). Every region of the world has been affected by contractions in economic growth, rising unemployment and falling trade. Last autumn the EU co-ordinated a banking bailout based on the British Government’s rescue package and also emphasised joint action after some member states had guaranteed minimum savings deposits.
At the December European Council, a €200 billion fiscal stimulus package was agreed to spur flagging European economies. It is obvious that more needs to be done and in this Britain has a special responsibility. The UK was a champion of both the single market and of enlargement. The UK and the EU have benefited from becoming the largest market in the world, reaching 500 million consumers and worth an estimated $17.6 trillion. The UK must continue to argue the case for Europe to remain a exemplar of free trade.
Director, Business for New Europe