Europe must plan a reform, not a pact By Guy Verhofstadt, Jacques Delors and Romano Prodi

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''The next two weeks will reveal whether European Union leaders have the stomach to address Europe’s underlying economic problems. Some member states remain outside the eurozone, but even they are not insulated against the risks of unco-ordinated growth strategies. The last time EU leaders met, in early February, a Franco-German proposal for a competitiveness pact was thrust upon them. It received short shrift from many around the table, as much for the indelicate manner of its presentation as for its content. Now an alternative is needed..''

''..Instead of the competitiveness pact, EU leaders should adopt a “Community Act” for economic convergence and governance. This would aim to push forward in the most vital economic fields where closer alignment and co-ordination is needed. These should include pension reform, wage levels, corporate taxation rates, research and development, and investment in transport, telecommunications and energy infrastructure..'' FINANCIAL TIMES 

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