Europe an emerging country, Davos hears

Comment on this story


TotalDavos1

Reuters.

Christophe de Margerie, chariman and chief executive of Total.

Davos - Top bosses and economists warned the global elite on Wednesday not to get over-excited by a gradual economic upturn in Europe, which one chief executive branded an “emerging country.”

While the mood of doom surrounding the eurozone that stalked Davos at the height of the crisis has abated, staggering rates of youth unemployment and sluggish growth are still battering Europe, delegates heard.

Christophe de Margerie, head of French energy giant Total, said: “Don't take it as being provocative (but) I think Europe should be reclassified as an emerging country.”

The continent needs to start from scratch in terms of economic policy to overcome the twin evils of high unemployment and stagnant growth, he added.

Axel Weber, head of Swiss banking group UBS and a former head of the powerful German Bundesbank, said: “The eurozone recovery is no reason to get excited.

“If you actually look at the recovery, it's lacklustre, it's uneven across European countries ... this is not enough to close output gaps, it's not enough to create jobs.”

“I'm really still concerned. The mood in financial markets has improved, but the situation in the economy has not improved.”

Speaking at the same panel, Harvard University economist Ken Rogoff said the youth unemployment situation in Europe was “really frightening.”

With more than one in two young Spaniards out of work, “you're losing part of a whole generation,” he warned.

After years of recession caused by a crippling debt crisis, the eurozone economy is gradually beginning to recover, although concerns persist about certain countries, notably France.

Rogoff derided the creation of the single European currency, the euro, as a “giant historic mistake”.

Nevertheless, he acknowledged that the 18-member bloc had become more stable since last year's gathering of the world's elite at Davos.

“No one is talking about the eurozone falling apart. I don't think it's a small political achievement...I think Europe deserves credit for that.”

But he chastised Europe's leaders for “not really taking care of its future in terms of looking after its youth.”

Two other top bosses, Martin Sorrell from British advertising giant WPP and Giuseppe Recchi, chairman of Italian energy firm Eni, blamed structural problems in Europe for the high level of unemployment and called on leaders to push through reforms.

“We asked 80 of our clients what the critical issues in Europe are in terms of their expansion. The answer was labour market inflexibility,” Sorrell told delegates.

For his part, Recchi also warned of the dangers of a lost generation. Talented people are leaving university and failing to find a job quickly, meaning they are joining the labour market later and later, he said.

“It is difficult for a company to hire a 30-year-old person without work experience,” he said.

Analyst Nariman Behravesh, chief economist at IHS, told AFP that high unemployment had created a “very dangerous situation” in terms of fomenting support for parties on the political extremes.

Europe needs to “significantly improve its competitiveness through structural reforms of various kinds,” he said. - Sapa-AFP


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks
Artistixoxo
I'm a 23 year old woman looking to meet men between the ages of 23 and 28.
View Profile
Jimmyhgirl
I'm a 37 year old woman looking to meet men between the ages of 18 and 100.
View Profile
pikkewyn_123
I'm a 38 year old woman looking to meet men between the ages of 36 and 40.
View Profile
Fire_and_Ice81
I'm a 33 year old woman looking to meet men between the ages of 25 and 45.
View Profile
Smileawhile
I'm a 45 year old woman looking to meet men between the ages of 36 and 44.
View Profile
MissSM
I'm a 31 year old woman looking to meet men between the ages of 29 and 39.
View Profile
your_wildest_dreams
I'm a 36 year old woman looking to meet men between the ages of 40 and 55.
View Profile
Blondie_434
I'm a 31 year old woman looking to meet men between the ages of 28 and 43.
View Profile
Plattelandsenooi3
I'm a 32 year old woman looking to meet men between the ages of 33 and 45.
View Profile
TuffLove
I'm a 34 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Enkellopende
I'm a 42 year old woman looking to meet men between the ages of 35 and 43.
View Profile
Sophie_123
I'm a 24 year old woman looking to meet men between the ages of 25 and 33.
View Profile
Butterfly_effect
I'm a 38 year old woman looking to meet men between the ages of 36 and 48.
View Profile
Warmsmilewarmheart
I'm a 47 year old woman looking to meet men between the ages of 40 and 55.
View Profile
JanieL
I'm a 24 year old woman looking to meet men between the ages of 25 and 32.
View Profile
Teleporter1612
I'm a 48 year old woman looking to meet men between the ages of 43 and 100.
View Profile
Foreverinhope
I'm a 48 year old woman looking to meet men between the ages of 45 and 56.
View Profile
recently40
I'm a 40 year old woman looking to meet men between the ages of 27 and 58.
View Profile
AgentI
I'm a 39 year old woman looking to meet men between the ages of 35 and 45.
View Profile
shani27
I'm a 41 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Bianx24
I'm a 24 year old woman looking to meet men between the ages of 25 and 30.
View Profile
SouthernLove
I'm a 23 year old woman looking to meet men between the ages of 26 and 35.
View Profile
Moze008
I'm a 57 year old woman looking to meet men between the ages of 55 and 70.
View Profile
_Melanie_
I'm a 18 year old woman looking to meet men between the ages of 18 and 28.
View Profile
SilverLiningM
I'm a 29 year old woman looking to meet men between the ages of 25 and 36.
View Profile
Lady_143
I'm a 33 year old woman looking to meet men between the ages of 34 and 40.
View Profile
Kay_722
I'm a 29 year old woman looking to meet men between the ages of 30 and 40.
View Profile
Gemima
I'm a 38 year old woman looking to meet men between the ages of 40 and 50.
View Profile
HartjievanHoneydew
I'm a 21 year old woman looking to meet men between the ages of 18 and 100.
View Profile
FaiRy9
I'm a 26 year old woman looking to meet men between the ages of 27 and 36.
View Profile
JayAnne
I'm a 56 year old woman looking to meet men between the ages of 56 and 70.
View Profile
LeilaM
I'm a 40 year old woman looking to meet men between the ages of 40 and 55.
View Profile
RobzMolecule
I'm a 24 year old woman looking to meet men between the ages of 22 and 30.
View Profile
Dollie81
I'm a 33 year old woman looking to meet men between the ages of 25 and 49.
View Profile
AbiApie
I'm a 19 year old woman looking to meet men between the ages of 18 and 20.
View Profile
bon1bon
I'm a 35 year old woman looking to meet men between the ages of 29 and 40.
View Profile
Vuurvliegie1974
I'm a 40 year old woman looking to meet men between the ages of 39 and 47.
View Profile
Liefieling86
I'm a 28 year old woman looking to meet men between the ages of 29 and 32.
View Profile
Doeksa
I'm a 33 year old woman looking to meet men between the ages of 33 and 39.
View Profile
JillieB
I'm a 61 year old woman looking to meet men between the ages of 55 and 70.
View Profile
MistyLady
I'm a 36 year old woman looking to meet men between the ages of 34 and 45.
View Profile
Angdt
I'm a 21 year old woman looking to meet men between the ages of 23 and 30.
View Profile
Hopeful_dreamer
I'm a 37 year old woman looking to meet men between the ages of 33 and 45.
View Profile
Lise41
I'm a 41 year old woman looking to meet men between the ages of 42 and 55.
View Profile
Bastet_11
I'm a 43 year old woman looking to meet men between the ages of 45 and 48.
View Profile
Kelix
I'm a 36 year old woman looking to meet men between the ages of 30 and 45.
View Profile
JULIET_001
I'm a 51 year old woman looking to meet men between the ages of 49 and 63.
View Profile
WandaLove
I'm a 19 year old woman looking to meet men between the ages of 22 and 26.
View Profile
Sonskyn83
I'm a 31 year old woman looking to meet men between the ages of 30 and 45.
View Profile
sweets1987
I'm a 27 year old woman looking to meet men between the ages of 32 and 42.
View Profile
MTBGirl_11
I'm a 42 year old woman looking to meet men between the ages of 40 and 50.
View Profile
chloeeeee
I'm a 44 year old woman looking to meet men between the ages of 35 and 52.
View Profile
BlondeBerry
I'm a 33 year old woman looking to meet men between the ages of 29 and 40.
View Profile
Lala8610
I'm a 28 year old woman looking to meet men between the ages of 27 and 32.
View Profile
Lilakii
I'm a 21 year old woman looking to meet men between the ages of 23 and 31.
View Profile
DashieDash
I'm a 31 year old woman looking to meet men between the ages of 30 and 45.
View Profile
Bassinchic
I'm a 28 year old woman looking to meet men and women between the ages of 25 and 35.
View Profile
PowerPrincess
I'm a 41 year old woman looking to meet men between the ages of 38 and 47.
View Profile
HenrietteF
I'm a 32 year old woman looking to meet men between the ages of 30 and 42.
View Profile
JustChat76
I'm a 38 year old woman looking to meet men between the ages of 35 and 45.
View Profile
sexyhair
I'm a 42 year old woman looking to meet men between the ages of 35 and 50.
View Profile
Leigh1979
I'm a 35 year old woman looking to meet men between the ages of 29 and 40.
View Profile
jamielief
I'm a 21 year old woman looking to meet men between the ages of 25 and 32.
View Profile
MizLiz
I'm a 31 year old woman looking to meet men between the ages of 30 and 40.
View Profile
Plaasmeisie1978
I'm a 36 year old woman looking to meet men between the ages of 36 and 42.
View Profile
Bienkie01
I'm a 35 year old woman looking to meet men between the ages of 34 and 48.
View Profile
Smurfette
I'm a 36 year old woman looking to meet men between the ages of 25 and 45.
View Profile
BMull08
I'm a 19 year old woman looking to meet men between the ages of 19 and 30.
View Profile
dreamsoftly
I'm a 49 year old woman looking to meet men between the ages of 47 and 58.
View Profile
Judith78
I'm a 36 year old woman looking to meet men between the ages of 38 and 48.
View Profile
Cathwhite
I'm a 29 year old woman looking to meet men between the ages of 25 and 45.
View Profile
Winterwolf
I'm a 27 year old woman looking to meet men between the ages of 30 and 35.
View Profile
tigerlady28
I'm a 30 year old woman looking to meet men between the ages of 22 and 34.
View Profile
optimistic_36
I'm a 37 year old woman looking to meet men between the ages of 32 and 46.
View Profile
khosyx
I'm a 20 year old woman looking to meet men between the ages of 21 and 30.
View Profile
Apple_853
I'm a 35 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Bluebell531
I'm a 46 year old woman looking to meet men between the ages of 40 and 60.
View Profile
LimitlessSoul
I'm a 45 year old woman looking to meet men between the ages of 40 and 50.
View Profile
FoXyLaDy444
I'm a 56 year old woman looking to meet men between the ages of 50 and 65.
View Profile
Caroline_
I'm a 30 year old woman looking to meet men between the ages of 26 and 36.
View Profile
EMT2014
I'm a 30 year old woman looking to meet men between the ages of 30 and 40.
View Profile
sonskyn27
I'm a 56 year old woman looking to meet men between the ages of 45 and 55.
View Profile
MissMoneypenny_13
I'm a 28 year old woman looking to meet men between the ages of 30 and 42.
View Profile
CTBLONDE
I'm a 38 year old woman looking to meet men and women between the ages of 40 and 50.
View Profile
klouise
I'm a 32 year old woman looking to meet men between the ages of 31 and 39.
View Profile
Blu
I'm a 28 year old woman looking to meet men between the ages of 27 and 33.
View Profile
L123
I'm a 33 year old woman looking to meet men between the ages of 32 and 39.
View Profile
Chriz_1985
I'm a 29 year old woman looking to meet men between the ages of 18 and 100.
View Profile
Rosesandlace
I'm a 49 year old woman looking to meet men between the ages of 49 and 53.
View Profile
sexilexi17
I'm a 19 year old woman looking to meet men between the ages of 20 and 25.
View Profile
Rarefind
I'm a 55 year old woman looking to meet men between the ages of 52 and 63.
View Profile
Bebe1000
I'm a 53 year old woman looking to meet men between the ages of 49 and 57.
View Profile
Jenny84
I'm a 30 year old woman looking to meet men between the ages of 33 and 40.
View Profile
PleinKatryn
I'm a 30 year old woman looking to meet men between the ages of 30 and 35.
View Profile
nirina
I'm a 37 year old woman looking to meet men between the ages of 35 and 50.
View Profile
Persephone101
I'm a 31 year old woman looking to meet men between the ages of 25 and 45.
View Profile
ContagiousLaughter
I'm a 41 year old woman looking to meet men between the ages of 36 and 44.
View Profile
KW82
I'm a 32 year old woman looking to meet men between the ages of 29 and 40.
View Profile
Loubelle
I'm a 50 year old woman looking to meet men between the ages of 35 and 55.
View Profile
Jobaby10
I'm a 36 year old woman looking to meet men between the ages of 38 and 45.
View Profile
CDolf
I'm a 30 year old man looking to meet women between the ages of 25 and 33.
View Profile
Coolfun
I'm a 52 year old man looking to meet men between the ages of 35 and 55.
View Profile
Sundancekid344
I'm a 65 year old man looking to meet women between the ages of 45 and 58.
View Profile
DaveB_791
I'm a 49 year old man looking to meet women between the ages of 35 and 45.
View Profile
tommy351
I'm a 61 year old man looking to meet women between the ages of 48 and 59.
View Profile
sunset22
I'm a 50 year old man looking to meet women between the ages of 40 and 57.
View Profile
pinsnow
I'm a 55 year old man looking to meet women between the ages of 45 and 65.
View Profile
TheDuke_99
I'm a 36 year old man looking to meet women between the ages of 28 and 42.
View Profile
Jurgy62
I'm a 52 year old man looking to meet women between the ages of 37 and 55.
View Profile
LovingSerenity
I'm a 38 year old man looking to meet women between the ages of 24 and 45.
View Profile
gavinzn
I'm a 57 year old man looking to meet women between the ages of 50 and 57.
View Profile
Agent_K1
I'm a 46 year old man looking to meet women between the ages of 38 and 40.
View Profile
OohCharles
I'm a 53 year old man looking to meet women between the ages of 25 and 45.
View Profile
Jericho2010
I'm a 41 year old man looking to meet women between the ages of 25 and 49.
View Profile
5star
I'm a 57 year old man looking to meet women between the ages of 40 and 55.
View Profile
Denali
I'm a 45 year old man looking to meet women between the ages of 25 and 40.
View Profile
Firefox_771
I'm a 63 year old man looking to meet women between the ages of 42 and 56.
View Profile
BENTLEY292
I'm a 45 year old man looking to meet men between the ages of 45 and 55.
View Profile
Lonomor
I'm a 46 year old man looking to meet women between the ages of 25 and 35.
View Profile
charl1906
I'm a 57 year old man looking to meet women between the ages of 49 and 53.
View Profile
cccdovy
I'm a 56 year old man looking to meet women between the ages of 48 and 56.
View Profile
IrishBoy11
I'm a 45 year old man looking to meet women between the ages of 27 and 40.
View Profile
Ryno_56
I'm a 26 year old man looking to meet women between the ages of 18 and 34.
View Profile
JustCallMeBwana
I'm a 47 year old man looking to meet women between the ages of 25 and 49.
View Profile
kannieworrynie
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
versl_550
I'm a 55 year old man looking to meet women between the ages of 45 and 60.
View Profile
Belligerent69
I'm a 45 year old man looking to meet women between the ages of 35 and 44.
View Profile
Andy_Leo
I'm a 46 year old man looking to meet women between the ages of 25 and 45.
View Profile
6s6s6s
I'm a 43 year old man looking to meet women between the ages of 25 and 45.
View Profile
matiekat
I'm a 66 year old man looking to meet women between the ages of 18 and 100.
View Profile
ekke_706
I'm a 50 year old man looking to meet women between the ages of 40 and 55.
View Profile
TheRealMrRight
I'm a 43 year old man looking to meet women between the ages of 28 and 42.
View Profile
koolstoof55
I'm a 59 year old man looking to meet women between the ages of 45 and 63.
View Profile
JPretoria
I'm a 38 year old man looking to meet women between the ages of 28 and 40.
View Profile
George5911
I'm a 55 year old man looking to meet women between the ages of 36 and 50.
View Profile
cloudhopper
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
umustbsomewhere
I'm a 61 year old man looking to meet women between the ages of 45 and 55.
View Profile
TripleJ94
I'm a 20 year old man looking to meet men and women between the ages of 18 and 30.
View Profile
BossMorne
I'm a 43 year old man looking to meet women between the ages of 25 and 45.
View Profile
Bruce_308
I'm a 47 year old man looking to meet women between the ages of 41 and 70.
View Profile
ScottRanger1987
I'm a 27 year old man looking to meet women between the ages of 18 and 30.
View Profile
BobTheExtremeBuilder
I'm a 47 year old man looking to meet women between the ages of 25 and 47.
View Profile
Natural123
I'm a 52 year old man looking to meet women between the ages of 35 and 45.
View Profile
Kitchenslave
I'm a 52 year old man looking to meet women between the ages of 35 and 50.
View Profile
Rebelinbluejeans
I'm a 62 year old man looking to meet women between the ages of 40 and 62.
View Profile
henisright
I'm a 50 year old man looking to meet women between the ages of 37 and 53.
View Profile
CL4ptp
I'm a 28 year old man looking to meet women between the ages of 22 and 28.
View Profile
Alachison
I'm a 46 year old man looking to meet women between the ages of 30 and 45.
View Profile
wiedahunk
I'm a 57 year old man looking to meet women between the ages of 50 and 70.
View Profile
Jonathen53
I'm a 61 year old man looking to meet women between the ages of 57 and 64.
View Profile
Officer_Gentleman
I'm a 46 year old man looking to meet women between the ages of 35 and 48.
View Profile
gentlebutcrazy
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
DJStarglance
I'm a 54 year old man looking to meet women between the ages of 18 and 100.
View Profile
karooboertjie15
I'm a 40 year old man looking to meet women between the ages of 25 and 40.
View Profile
cknneth111
I'm a 46 year old man looking to meet women between the ages of 41 and 70.
View Profile
captainkid
I'm a 55 year old man looking to meet women between the ages of 47 and 56.
View Profile
Cruisingoldie
I'm a 46 year old man looking to meet women between the ages of 30 and 50.
View Profile
freddic1
I'm a 52 year old man looking to meet women between the ages of 47 and 55.
View Profile
Tall_fun
I'm a 45 year old man looking to meet women between the ages of 30 and 45.
View Profile
Stand64
I'm a 50 year old man looking to meet women between the ages of 36 and 55.
View Profile
KTM1190A
I'm a 59 year old man looking to meet women between the ages of 50 and 58.
View Profile
plodof
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
Suidwester27
I'm a 53 year old man looking to meet women between the ages of 35 and 50.
View Profile
Lifechanger_7
I'm a 25 year old man looking to meet women between the ages of 18 and 30.
View Profile
Smartboy_102
I'm a 60 year old man looking to meet women between the ages of 47 and 57.
View Profile
philip_unplugged514
I'm a 62 year old man looking to meet women between the ages of 50 and 68.
View Profile
breeze001
I'm a 49 year old man looking to meet women between the ages of 40 and 55.
View Profile
Guardian_24
I'm a 41 year old man looking to meet women between the ages of 37 and 43.
View Profile
MLACOME0147
I'm a 55 year old man looking to meet women between the ages of 49 and 79.
View Profile
richy10
I'm a 57 year old man looking to meet women between the ages of 49 and 70.
View Profile
rjscm
I'm a 48 year old man looking to meet women between the ages of 30 and 45.
View Profile
LiveLifeAlways
I'm a 43 year old man looking to meet women between the ages of 33 and 41.
View Profile
Ivanhoe25
I'm a 47 year old man looking to meet women between the ages of 25 and 45.
View Profile
mark99
I'm a 62 year old man looking to meet women between the ages of 45 and 55.
View Profile
Bryn
I'm a 41 year old man looking to meet women between the ages of 20 and 55.
View Profile
Banker009
I'm a 56 year old man looking to meet women between the ages of 34 and 49.
View Profile
stumpjumper
I'm a 54 year old man looking to meet women between the ages of 40 and 50.
View Profile
Natureboykie
I'm a 60 year old man looking to meet women between the ages of 43 and 64.
View Profile
pieterl
I'm a 59 year old man looking to meet women between the ages of 45 and 62.
View Profile
Gambino_Family
I'm a 59 year old man looking to meet women between the ages of 42 and 70.
View Profile
contour
I'm a 43 year old man looking to meet women between the ages of 34 and 39.
View Profile
DutchDelight_
I'm a 45 year old man looking to meet women between the ages of 30 and 46.
View Profile
toothless
I'm a 36 year old man looking to meet women between the ages of 25 and 36.
View Profile
cornrlius205
I'm a 46 year old man looking to meet women between the ages of 25 and 50.
View Profile
Lastgreatwhite
I'm a 56 year old man looking to meet women between the ages of 40 and 50.
View Profile
WanderingShadow
I'm a 39 year old man looking to meet women between the ages of 25 and 45.
View Profile
bellagio
I'm a 69 year old man looking to meet women between the ages of 55 and 65.
View Profile
SingleNSearching60
I'm a 60 year old man looking to meet women between the ages of 55 and 70.
View Profile
Ons2alleen
I'm a 30 year old man looking to meet women between the ages of 24 and 29.
View Profile
Dn212
I'm a 51 year old man looking to meet women between the ages of 45 and 60.
View Profile
Fred58
I'm a 56 year old man looking to meet women between the ages of 18 and 100.
View Profile
Ironstein06
I'm a 36 year old man looking to meet women between the ages of 25 and 37.
View Profile
goldenhat
I'm a 52 year old man looking to meet women between the ages of 36 and 66.
View Profile
lvebird53
I'm a 54 year old man looking to meet women between the ages of 50 and 65.
View Profile
dinnerfortwo
I'm a 54 year old man looking to meet women between the ages of 40 and 50.
View Profile
Propriety
I'm a 56 year old man looking to meet women between the ages of 35 and 45.
View Profile
Liefasb
I'm a 63 year old man looking to meet women between the ages of 50 and 60.
View Profile
Kiwiana
I'm a 39 year old man looking to meet women between the ages of 25 and 39.
View Profile
daniel101
I'm a 44 year old man looking to meet women between the ages of 32 and 38.
View Profile

Business Directory