With service-related activities representing around 70% of value added and employment in the euro area (against almost 80% in the US), much more competition in EU service markets is required. Overall, a higher competition in services markets would promote a more dynamic economy, increase the growth potential of Europe and of the Euro Area and create more jobs.
On 16 February 2006, the European Parliament approved a draft directive aimed at a free market for services in the European Union. This is welcome as it goes in the right direction even if we would have preferred a bolder move. 17 I would stress particularly the necessity of a very rapid and expeditious implementation of the new directive on services.