European economic growth "disappointing"

News Article - Monday, June 11, 2007

filed under: Business

The economic growth of Europe is "disappointing", one expert has told the Deloitte Global Forum.

Speaking last week at the event in Rome, Jose Maria Aznar, former president of Spain, called for reforms to address the continent's economic challenges and promote growth.

"Europe as a whole is now growing at practically half the rate of growth of the world economy. It is disappointing that Europe is only able to expand at the same rate as the US economy," he said.

"The current European rate of growth is not especially high, therefore economic reforms in Europe are necessary."

Mr Aznar stated that European leaders must launch the Lisbon agenda – a package which aims to make Europe the most competitive knowledge-based economy by 2010.

Meanwhile, James H Quigley, the new chief executive officer of Deloitte Touche Tohmatsu, stated that trust in capital market systems was necessary to sustain economic development while companies embracing good governance techniques will find they have a competitive advantage.

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