Main Points of EU Statement on Economy at Summit"
The EU sees a gradual recovery picking up this year, with 6 million new jobs created from 2005-2007, bringing unemployment down from a 9-percent peak in 2004 to 8 percent. However, Europe's aging population and challenges from new competitors in the global economy mean the EU must make changes. The 25 EU nations are to present reports setting out their reform programs by August. The EU leaders set themselves a target of creating 2 million jobs every year up to 2010.The EU leaders see research as key to boosting the economy. They confirmed a target to spend 3 percent of gross domestic product on research and development by 2010.
Recognizing that small and medium-sized businesses are "the backbone of the European economy," the leaders acknowledged the need to cut red tape to make it easier and cheaper to set up companies. "The principle of 'think small first' must be applied systematically," they said. "Member states should establish by 2007 a one-stop-shop, or arrangements with equivalent effect, for setting up a company in a quick and simple way." The aim is to make it possible by 2007 for budding entrepreneurs to complete business start up in one week. "Startup fees should be as low as possible and the recruitment of a first employee should not involve more than one public administration point." The EU will consider amending its restrictions on state subsidies to allow more aid to small companies.
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