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4/5/06

Monday Morning: European Union: Despite pledges, Europe still battling to reform

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European Union: Despite pledges, Europe still battling to reform

After their meeting in Brussels, European Union leaders returned home last week pledging to finally “turn commitments into concrete action” aimed at giving a new impetus to the continent’s long-flagging economy. They also repeatedly denied tensions over resurgent protectionism in the 25-country bloc, fueled by a string of recent tussles between EU governments like France, Spain and Italy over industrial takeover bids. But the well-crafted sound bites in Brussels about redynamizing the EU’s so-called Lisbon Agenda -- a six-year-old growth drive which has so far produced few tangible results -- failed to convince many. And nobody expects Europe’s reforms suddenly to take off any time soon as a result of deliberations in Brussels. “If you want to know why Europe’s governments have been so hopelessly slow at reforming their economies, waste no time assessing the platitudes about the Lisbon Agenda”, wrote The Economist. Instead it pointed to events like those which have gripped France in recent days: protests against a proposed youth labor law which have increasingly turned nasty, with cars set alight and windows smashed in Paris.

For many, the French law -- a contract for young people allowing them to be fired during a two-year trial period without explanation -- embodies the kind of reform needed if the EU is to be competitive in the global economy.

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