Europe must embrace technological change and reform inefficient social models

12.00.00am UTC (GMT +0000) Thu 10th Nov 2005

Speaking to members of the British Retail Consortium (BRC) in Brussels last night Graham Watson MEP, Leader of the Alliance of Liberals and Democrats for Europe, warned that Europe must embrace technological change and reform inefficient social models if it is to maintain its global economic position.

He joined the BRC in praising the proposed Services Directive, the drive for Better Regulation, and to create an environment that is good for business. He also underlined his support for the Commission's proposals to make labour markets less restrictive and promote research and innovation.

Citing the possibility of a third industrial revolution with the potential to resurrect the European economy on the back of sustainable new technologies he called on the business community to:

"Work together with politicians to build a Europe which harbours innovative, world class universities and can create the world-class products that will sustain retailers such as yourselves into the future. Politicians are opening up Europe's economy for business. Now entrepreneurs are free to tap Europe's potential. "