EU to speed up company reforms to combat slowdown
EU governments will speed up reforms to help smaller companies create jobs in a bid to combat economic fallout from the credit crunch, though Germany remained reluctant to back reduced rates of sales taxes. EU Industry Commissioner Guenter Verheugen said it was impossible to gauge the fallout on the European Union economy of a crisis in American banks. 'It can and probably will hit small and medium sized enterprises,' Verheugen told a news conference at the end of a meeting of the bloc's industry ministers
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