German Chancellor Angela Merkel called for a "new definition" of economic growth on Saturday, ahead of informal talks next week on the European Union's (EU) economic strategy to the year 2020."We need to learn to redefine the concept of growth for the 21st Century," Merkel said in her weekly video podcast.
On Thursday, the chancellor had agreed with French President Nicolas Sarkozy to jointly present a new European economic approach at next week's informal Brussels summit. "We have suggested that, within our economic strategy, we will not just talk about conventional growth, but also about new forms of wealth," the chancellor said, adding that such growth must "ensure sustainable prosperity."
"Values such as security, quality of life, health and the sustainable treatment of resources will play a decisive role in this,"Merkel continued. The chancellor lamented the fact that Europe was "not yet the most dynamic continent worldwide in terms of growth."
Merkel nevertheless praised the advantages of the single European market, which enabled co-operation on research and development projects that no single country could manage alone. "One example will be Galileo," Merkel said, in reference to the EU-project to develop a satellite navigation system.