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Richmond upon Thames Liberal Democrats:Covering the constituencies of Twickenham and Richmond Park |
Vince Cable - EU growth speech, Bucharest, 29 September 2011
October 9, 2011 11:38 AM
• [Sep 30] Vince Cable: IT'S a pleasure to be visiting Romania, and to be here today to discuss the challenge facing every member of the European Union - how to secure long-term, sustainable economic growth. The recent turmoil in global financial markets, triggered by fears over Eurozone sovereign debt levels and gridlocked fiscal policy in the US, has made a solution to this question more urgent then ever.
The international economy has been buffeted by a series of storms ever since the decade-long credit binge spectacularly ended in 2008 with the near collapse of the global financial system. Wholesale bank sector bail-outs, the recession, and anaemic growth since then have sent the price of government debt in some European countries soaring. These markets remain volatile and the threat may yet spread further afield. And Europe has real structural problems. Productivity is shrinking. Our average growth rate is lower than the US. And we are all sitting on a time bomb, with ageing populations and too many people out of work.
. . In Romania, as in the UK, new and small businesses will be an important engine of future economic growth. We need to set them free from existing rules stunting their growth, and screen all future proposals, so our companies are able to flourish. The European Union must adapt so that, collectively, we are equipped to deal with the challenges and opportunities thrown up by an open and competitive global economy.
Our focus needs to be on trade and global competitiveness, on supporting start-ups and business expansion. Romania has a major contribution to make, as one of the largest Member States, and as one of the newest with fresh experience of market liberalisation and reforms. Britain stands ready to work with our partners in Romania, and across Europe, to achieve our common objectives - and bring growth, jobs and prosperity to both our countries.
• Vince Cable - EU growth speech, Bucharest, 29 September 2011
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