Brown proposes EU compact for jobs, economic growth

British Prime Minister Gordon Brown has set out a European compact for jobs and growth in a letter to the EU Council president, the prime minister's office announced Wednesday.

The EU Council will meet on Thursday and Friday this week and the leaders are expected to discuss the global economy and the progress on reform of financial supervision and regulation since the European Council met in June.

In a letter to Swedish Prime Minister Fredrik Reinfeldt whose country is holding the EU Presidency, Brown said Europe has succeeded in stabilizing financial markets and averting a more severe downturn "through the active coordination of our exceptional economic stimulus measures."

The prime minister added that "Our task now is to build on and deepen this cooperation by restructuring our economies to meet future challenges. If we fail, Europe faces low growth and high unemployment for years to come."

Brown outlined a series of priorities for the European economy including: maintaining stimulus programs until the recovery is secured; ongoing focus on creating jobs and training the workforce; supporting sectors that will deliver future growth; and removing the remaining barriers to a single market.

He also urged the EU Council to provide faster progress on free trade, by completing the Doha trade round in 2010, and delivering new regulation and supervision arrangements for financial markets, which were agreed at the June EU Council.

The EU Council is also expected to discuss preparations for the UN climate change conference in Copenhagen in December and the potential for climate financing.

Source: Xinhua