Brown Tries to Put EU on Growth Path

France, Germany, and Britain agree: The EU must embrace capitalism to create new jobs, foster investment, and boost economic performance across the continent. A letter drafted by British Chancellor of the Exchequer Gordon Brown with his French and German counterparts will seek to persuade Europe to reform its welfare state framework. Europe, the letter argues, needs to implement supply-side changes, including a stronger competition policy and tougher rules on unemployment, if it hopes to challenge the US as the world's leading economy. The letter contends that a competition policy would help Europe reap the benefits of productivity and dynamism that go hand in hand with a well-functioning market. "We need resolute action now to ensure that regulation does not damage competitiveness and jobs," the letter says. "Policy must be better addressed to Europe's economic needs, with action to strengthen the single market and to deepen competition, and regulation used only where necessary." – Yale Global