EU ministers upbeat on economy at Punchestown meeting

European Union Economics and Finance Ministers have been upbeat about the performance of the economy at the beginning of a two…

European Union Economics and Finance Ministers have been upbeat about the performance of the economy at the beginning of a two-day EcoFin meeting in Punchestown today which is being chaired by the Minister for Finance, Mr McCreevy.

Ministers attedning the meeting will concentrate on the EU budget, but will also touch on on the economic situation across the EU and preparations for the EU/US summit in June.

Earlier today the Taoiseach, Mr Ahern tried to put a gloss on the EU's economic performance and reform efforts at a Brussels summit by highlighting the six million jobs created in the past four years and the start of some key labour and pension reforms.

But he could not disguise disappointment at the bald fact the EU had missed most of its goals and that its aim to become the "most dynamic and competitive knowledge-based economy in the world by 2010", launched in 2000 in Lisbon, might not be met.

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"We must accept we are behind," said Mr Ahern." The crucial issue now is delivery. We need to step up the pace of reform."

Few ministers, officials or independent observers believe the headline goal of leapfrogging the United States in six years time is now possible and some analysts say the gap has widened.

"Most have been very well aware that too little has been done so far," Swedish Finance Minister Mr Bosse Ringholm said.

Others were more dramatic in warning of failure. "The future of Europe is at stake," said EU Commission President Mr Romano Prodi.