OEB’s views on the Future of the EU

With regard to the European-wide dialogue and debates taking place on the Future of Europe, the Cyprus’ Employers & Industrialists Federation (OEB) has sent a letter with its views to the Ministers’ of Finance, Labour, Welfare and Social Insurance and of Energy, Commerce, Industry and Tourism.

“The European project, which has led to the establishment of the European Union (EU), has brought prosperity to Europeans and unprecedented peace and stability in the region. However, the EU today is facing internal and external challenges including or relating to globalisation, migration, ageing population, regulation and rising populism to name but a few. OEB firmly believes that these challenges are better addressed within the context of an improved EU with stronger and more efficient institutions. This is even more relevant in the case of Cyprus whose ability to shape international political and economic affairs would be considerably diminished outside the context of the EU.

Furthermore, the way forward must respect the principle of subsidiarity and reduce bureaucracy and regulation when not needed. Globalisation and international competition pose challenges which must be addressed through a serious and transparent debate about trade, not through protectionism or isolationism which can only lead to poverty. The EU must be at the forefront of shaping globalisation.

Efforts for inclusive, balanced and sustainable growth must be strengthened. A key component to this end are healthy public finances, hence individual member states must implement effective national policies and better coordinate their actions on major economic issues. This way the process of convergence between member states – a crucial element for the proper functioning of the EU and the common currency – will be reinitiated.

It is abundantly clear that economic success is the basis for social progress. For this reason, the European social model must be modernised in order to address social challenges while ensuring that European companies can keep up with increased international competition. The protection and advancement of the single market must be at the centre of our efforts since it is the most important tool for delivering prosperity and welfare. Businesses are crucial to solving many of the problems Europe faces for it is they who create jobs, generate growth and promote research and innovation.

It is undoubted that to safeguard and improve the security and prosperity we have achieved over the past 70 years, and to ensure that the EU remains a respected global player, we need a united Europe working better and more effectively.
A more detailed outline of our views on the Future of Europe is included in the attached position paper by BusinessEurope, the European Employers’ Federation to which OEB is a member.
We remain at your disposal for any clarifications you may need.”

FINAL 25 01 17_Future of Europe_short BE statement (002)

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