27 November 2009
New research from Chatham House indicates EU membership
was helpful during crisis
The City of London Corporation today released a paper – Lessons
from the Impact of the Economic and Financial Crisis on the EU and
the European Neighbourhood – examining the deep and varied impact
the global financial crisis has had on the European Union and its
member states.
Commissioned by the City and produced by the International
Economics Department at Chatham House, the report makes clear that,
whilst the single market did not prevent a steep recession, some
economies and sectors showed more resilience than others and that
services industries generally played an important stabilising role.
The European economic downturn now appears to have stabilised,
leaving many EU member states in a far better position than
non-members.
Echoing last week’s European Bank for Reconstruction and
Development Transition Report 2009, this report also finds that
international financial integration was generally a positive step
for the newest Central and Eastern European members of the EU until
the crisis disrupted trade and investment flows. Whilst Emerging
Europe was the area worst affected by the crisis, some states coped
fairly well with the crisis and parts of Central and Eastern Europe
are beginning to see signs of renewed growth, which should
accelerate in the coming years.
Stuart Fraser, Policy Chairman at the City of London
Corporation, commented:
“At the heart of the European Union lies a pan-European desire
to promote open markets and free trade between the 27 member
states.
“The City has always been a vociferous defender of these
principles. Our reputation as a leading centre for international
finance has long been underpinned by a commitment to excellence,
unbeholden to national self-interest.
“Whilst we must remain mindful of the differing economic
traditions, circumstances and policy priorities that exist within
the Union’s diverse membership, we must also recognise our shared
common problems and concerns.
“Unparalleled levels of international cooperation helped dampen
the impact of the financial crisis throughout the European Union
and drive the European economy towards recovery.
“It is in all of our interests to continue to work together, so
that we can guard against future economic crises and further
enhance our international competitiveness in an increasingly
globalised industry.
A retreat into protectionism is helpful to no-one.”
--ENDS--
Notes to editors
About the City of London:
The City of London Corporation is a uniquely diverse organisation.
It supports and promotes the City as the world leader in
international finance and business services and provides local
services and policing for those working in, living in and visiting
the Square Mile. It also provides valued services to London and the
nation. These include the Barbican Centre and the Guildhall School
of Music & Drama; the Guildhall Library and Art Gallery and
London Metropolitan Archive; a range of education provision
(including three City Academies); five Thames bridges (including
Tower Bridge and the Millennium Bridge); the Central Criminal Court
at Old Bailey; over 10,000 acres of open spaces (including
Hampstead Heath and Epping Forest), and three wholesale food
markets. It is also London’s Port Health Authority and runs the
Animal Reception Centre at Heathrow. It works in partnership with
neighbouring boroughs on the regeneration of surrounding areas and
the City Bridge Trust, which it oversees, donates more than £15m to
charity annually.
About Stuart Fraser:
Stuart Fraser is Chairman of the Policy and Resources Committee of
the City of London Corporation. View his biography
About Chatham House:
Chatham House has been the home of the Royal Institute of
International Affairs for over eight decades. Its mission is to be
a world-leading source of independent analysis, informed debate and
influential ideas on how to build prosperous and secure world for
all.
Chatham House undertakes independent and rigorous analysis with
the aim of setting the agenda and shaping policy by encouraging new
ideas and forward thinking in international affairs. Its research
is structured around three areas - Energy, Environment and Resource
Governance, International Economics, and Regional and Security
Studies.
For more information, to arrange an interview with Stuart
Fraser, or to receive a full copy of the ‘Lessons from the Impact
of the Economic and Financial Crisis on the EU and the European
Neighbourhood,’ please contact James Abbott using the details
listed below:
James Abbott
Press Officer – the City of London Corporation
07831 543 188
020 7332 1754
james.abbott@cityoflondon.gov.uk