Credit bottlenecks threaten businesses

Banks withdrawing finance from small companies is the biggest problem facing the European economy, according to Jorma Ollila, the head of the European Round Table of Industrialists a group of 47 of the continent’s largest industrial groups told the Financial Times, November 2008.

The ERT expressed grave concern over the economic
situation in Europe. ERT Chairman Jorma Ollila said: 'We see economic conditions deteriorating rapidly in most of our industries, and we consequently see the urgent need for
further co-ordinated political action. While we support the main policies outlined by the leaders of the G20 countries, we urge them to take further measures to stimulate demand by adequate fiscal policies, improving the availability of credit, and to strongly resist any moves towards protectionism. Accelerating free trade negotiations and shaping the new financial regulatory framework in co-operation with business should be priorities. We do not need subsidies to ailing sectors or companies, but we do need strong policies to stimulate demand and infrastructure
investments.'

ERT: Press Release, 17.11.08: The European Round Table of Industrialists calls for decisive actions to revive the economy http://www.ert.be/DOC/09106.pdf

European Round Table of Industrialists http://www.ert.eu/

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