Europe’s leaders make good progress on reform - Cefic

13 July 2012 12:07  [Source: ICIS news]

By Rebekah Wilson

LONDON (ICIS)--EU leaders have made good progress on the targets set by the chemical industry in Europe, trade group Cefic said on Friday.

Cefic published a letter prior to an important EU summit on 28-29th June, urging politicians to make swift progress in a number of areas including deeper integration, structural reform, budgetary union and fiscal harmonisation.

As leaders of the European chemical industry, and therefore fundamental to the continent’s manufacturing industry, they asked for “clear leadership” and a future of “peace and prosperity”.

A Cefic spokesman said: “Summit leaders made particular progress on the growth and employment part of our calls from the letter.”

Europe’s political leaders addressed these issues through their “Compact for Growth and Jobs” policy decided at the summit, which aims to relaunch growth, investment and employment.

The strategy also intends to make Europe more competitive, something Cefic described as “imperative”. The spokesman suggested EU leaders should aim to do this “by building a lean regulatory framework; by stimulating innovation, education and job creation; and by ensuring secure energy supplies at competitive prices.”

Cefic also described its satisfaction with the summit’s decision to finance public investment via a recapitalization of the European Investment Bank (EIB) of more than €100bn ($122bn).

Despite the new strategy unveiled by Europe’s leaders at the summit, HSBC views the recovery of most European chemical firms as a “distant dream”.

In a report on the European chemicals industry published on Thursday, the bank predicts that the rest of 2012 will be bleak, with prices in “freefall”.

By: Staff Reporter
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