IOP Hosts European Union Speaker

"The EU tiger is beginning to roar." --Sir Leon Brittan, vice president of the Commission of the European Communities.

The Right Honorable Sir Leon Brittan, vice president of the Commission of the European Communities, said the European Union (EU) could become a "new tiger" in a global economy, last night before a crowded ARCO Forum.

Brittan's discussion focused on the union's growth and its bright economic future.

Pointing to its predicted 2.5 percent growth in Gross National Product (GNP) over the next five years, he said the region is "standing on the brink of economic growth."

Brittan said the proposed introduction of the Euro as Europe's common currency and EU's growing membership will strengthen the region.

"I think this shows that the EU tiger is beginning to roar," he said.

Brittan also said the Euro will add stability to the world economy.

"I believe the Euro will help the rest of the world since it'll help the European community," he said. "I think the Euro will eventually rival the dollar as reserve currency."

But Brittan downplayed the fear of global conflict between the dollar and the Euro.

"Both will exist, and both will be used by different people for different purposes," he said.

Brittan legitimized European concern that the influx of American culture will rival Europe economically. He focused on Hollywood films as an example.

"To regard films exactly like ball-bearings is to have an [economically] unilateral view of the world," he said.

The export of American films was a hotly-debated topic at the 1994 General Agreement of Traffis and Trade economic trade talks.

Although emphasizing the economic power of EU, Brittan stressed its international assistance to undeveloped areas of the globe.

The EU has focused on sending money to countries in Central Europe, the Middle East and Sub-Saharan Africa, Brittan said.

Brittan also emphasized that the member states of the EU have always had differing economic statuses. Financial aid within the EU helps countries develop, he added.

He named Ireland as the greatest success story in the EU.

The EU is considering admitting countries from Central and Eastern Europe into the economic and political alliance, he said.

"The test for potential [EU] members is not GNP or per capita income, but rather the potential for development of economic and political structures," Brittan said.

Brittan attributed the EU's success over the past 15 years to its single market economy which has eliminated barriers between member countries.

Brittan noted that a majority voting requirements has also helped the EU overcome a community that was "smothering with internal difficulties."