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Merkel wants new definition of economic growth

business Updated: Feb 07, 2010 01:27 IST
Reuters
Berlin

Europe needs a new definition for economic growth, German Chancellor Angela Merkel said on Saturday ahead of a special European Union summit on economic growth strategies next week.

In her weekly podcast Merkel said Europe does not have dynamic growth and called for a joint EU economic strategy.

"We've got to learn to redefine the term 'growth' in the 21st century," Merkel said, adding not only economic growth but also a measure for "growth that will ensure lasting prosperity" was needed.

Merkel noted that Germany and France last week agreed to jointly present a new growth initiative at the informal talks in Brussels next week.

"We suggested that we should talk about new forms of prosperity as far as our economic strategy goes and not only about the classic form of growth," she said. "The European Union will have to unite its strengths if it wants to remain competitive around the world."

Merkel and Sarkozy pledged at a news conference on Thursday in Paris to reinforce their alliance and strengthen economic governance in the wake of the financial crisis.