EU seeks solutions to slow growth

  The European Union's aim was to produce the most dynamic and competitive knowledge-based economy in the world by 2010. It is nowhere near on target to achieve that. Halfway through the process the European Commission President Jose Manuel Barroso has described the results as not very satisfactory.

Many of the reforms envisaged in the Lisbon agenda are about making the European Union a more effective market economy. One important element is to remove barriers to companies wanting to provide services outside their home country. A Directive intended to achieve this has been very controversial and the summit has decided that its proposals should be watered down .

Some countries, notably France were worried about job losses and lower standards of regulation. The Lisbon Agenda also saw the need for a more flexible workforce. But the kind of flexibility wanted by many businesses is politically difficult for some European leaders.

Many businesses complain that health care, pensions and other costs make it too expensive to create new jobs. There have been moves to reduce these costs in some member countries. But such moves go against the grain in countries where elaborate social welfare and strong job security laws are very popular.

Vocabulary:

dynamic : fast growing

nowhere near on target: far from achieving the goal

envisaged in: proposed by

intended to: aiming at

controversial: causing argument or disagreement

watered down: made weaker, less forceful

a more flexible workforce: when employees take jobs when and where needed

moves: actions

go against the grain: are not popular

elaborate social welfare: a complex system of looking after the citizens’ well-being

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