The Lord Mayor of the City of London, Mr Robert Finch, addressed the Dublin Chamber of Commerce on the second day of his visit to Dublin today.
During his address, Mr Finch urged the Government to make Europe-United States relations one of its top priorities during the forthcoming presidency.
Acknowledging the inevitable differences in approach and tactics between the Untied States and Europe, Mr Finch told the Chamber of Commerce it was important to keep talking and to keep relations positive.
"There are still many bumps in the road ahead on Iran, on Korea and in trade, but this relationship is one which the world cannot afford to neglect," he said.
He added that the EU could gain €100 billion per year in higher trade with the United States if there was greater liberalisation. "The conglomeration of expertise in London has allowed it to become the centre for trading the Euro currency and the financial capital of Europe," he said.
"Consequently the UK strongly supports the concept of a deeper, more integrated European capital market in order to compete on the world stage. "In comparison to the United States, the EU capital market is fragmented, too expensive and relatively inefficient," he added.
Mr Finch claimed that a single European market would bring in at least €5 billion a year, and without cross-border impediments to international trade the average pension could rise by 9 per cent.
PA