The ministers are examining “Europe 2020”, the future agenda for economic and employment recovery

Today, Thursday, on the second and last day of their informal meeting in La Granja (Segovia), the ministers responsible for European Affairs will study the challenge of how to boost reflation through sustainable growth that generates new employment.

The current Spanish Presidency of the EU, which is hosting this meeting at the beginning of its term, is taking place at a strategic time following the economic crisis on a worldwide scale unseen since the 1930s.

Although the coordinated action of the EU governments managed to stabilise the financial markets and stimulated the first signs of recovery, uncertainty remains over the strength of this reflation and the capacity to generate employment.

In this context, the aim is to promote recovery; return to a situation of job creation; and seek sustainability in public finances through the fiscal consolidation processes of member states.

How to lay the foundations of a more sustainable economic model, capable of successfully dealing with the challenges of globalisation, climate change and an ageing population, with better financial regulation and supervision, is a fundamental issue that the ministers will tackle in their discussions in La Granja, some 80 kilometres north of Madrid.

The Spanish Presidency believes that it is essential to strengthen the coordination of national economic policies in order to achieve these objectives. It also wants to drive forward the start of a new growth strategy, “Europe 2020”, as the successor to the Lisbon strategy.

Deliberation on the strategy should lead to it being passed by the European Council in the spring of 2010. Also known as “Strategy 2020”, it will emphasise the sustainability of the European economic model in three ways:

•    Economic sustainability: In a context of globalisation with emerging economies, the European economy must base its comparative advantage on competitiveness, innovation and knowledge.

•    Social sustainability: The new strategy must place special emphasis on employment, increasing levels of participation, training and employability. Progress must also be made on achieving full labour equality between men and women.

•    Environmental sustainability: The European economy must transition towards a low-carbon economic model in order to fight against climate change and create new sources of economic growth.