The views of CEOs on building a more sustainable and competitive Europe. made by Accenture and Insead may 2010.

1. Putting Europe Back n Track
The views of CEOs on building a more
sustainable and competitive Europe
Background report prepared for the
European Business Summit 2010
An initiative of Carried out by Sponsored by

2. Contents The views of CEOs on
putting Europe back on track
Table of contents and acknowledgements 2 Every crisis carries the promise (or threat) of changes to the In such a turbulent context, Europe must look to its founding
existing hierarchy. The current crisis, because it is global, principles and its long-term advantages and strengths to
The views of CEOs on putting Europe back on track 3 will bring changes in the relative power of various economic identify priorities and actions that can solve its present
SMEs: Engines for recovery? 6 regions of the world. Europe, with its 500 million citizens, stands problems without mortgaging its ability to be a world leader
to gain or lose much in this readjustment. once better times come around.
Driving global recovery: What can Europe learn from Asia? 8
Yet this crisis is not only global, it is also systemic. This means How can the European train be put back on track? How can it
What kind of future for finance? 10 that the hierarchies being revisited are not just those of achieve the combination of high speed, coherence, and balance
countries or economic zones; they also concern contrasting to serve as an inspiration to the world? When asked whether
Trading for new growth 12 priorities: between finance and economics, between social such a vision is realistic and how it might be implemented,
New skills for new jobs 14 issues and economic objectives, between market forces and European business leaders were unambiguous in their
ethics, between anticipated growth and limited resources. responses and in suggesting avenues for action.
Restoring consumers’ confidence in the single market 16
Energy and supply: Fueling growth 18
Digital agenda: Connecting Europe 20
Transatlantic economic growth and innovation 22 European business leaders will
Green Innovation: Cleaning up industry or cleaner industry? 24 not take “slow” for an answer
Innovating industry: Towards a knowledge-based economy 26 Between January and May 2010, at the request of the Federation Innovation will be at the core of Europe’s recovery.
of Enterprises in Belgium (FEB), Accenture and INSEAD European CEOs have not diminished their investment in this
After Copenhagen: A new climate for business? 28 designed and disseminated a survey among Europe’s business area since the start of the crisis, and continue to see areas like
Methodology 30 leaders. Out of several hundred detailed responses received, ‘clean tech’ as promising. They also consider that additional
a number of clear signals emerged: 1 efforts are needed to allow SMEs to play their role fully in
References and further reading 31 this area, and to create jobs in the process. They see the
Europe can recover and become stronger. European production of new skills as critical to these new jobs.
CEOs strongly believe that Europe can recover from its
current turmoil and be strengthened in the process. However, The quality and diversity of its people will remain
they are concerned by the slow pace at which some actions Europe’s biggest advantage. This richness is critical for
are taken, and by the somewhat disjointed way in which the innovating. European CEOs consider that Europe is more
dual objectives of ‘return to growth’ and ‘budget rigour’ are than a 500 million people market; it is also a powerful idea
Acknowledgements being pursued. based on the combination of growth and solidarity. Openness
to the world and diversity remain key to the future of Europe.
This report and the research Christine Hirzel, Marisa us and complete the survey (CEO and Chairman of the Keeping the European ideal alive in the minds and hopes of
that it is based on would not Cooke, Craig McKenna, in an effort to get Europe Executive Board of Randstad younger generations will be essential to its success.
have been possible without Amanda Morris, and Pernille back on track, such as Jean- Holding nv); Tom Regent
the generous participation of Maya Sørensen Smith. Philippe Courtois (President (Vice President, AT&T; Head
many people. We are also grateful to the Microsoft International); Klaus
1
The findings in this report result from our analysis of the
of AT&T EMEA); Francesco
organisations and authors of Holse Andersen (Microsoft responses received from over 250 Chief Executive Officers
Serafini (Executive Vice
We acknowledge the support the session briefings (see the Vice President Western (CEOs) and dozens of public and business leaders, through
President Emerging
and contributions of various Reference section for Europe); Danilo Cazzola surveys and interviews. Please see page 30 for a detailed
Markets, HP); Christian
team members from the more details). (Vice President and General information on the methodology used.
Morales (Vice President,
Federation of Enterprises in Manager Agilent Technology Sales and Marketing Group
Belgium (FEB), Accenture and Finally, we wish to thank Life Science and Chemical General Manager, EMEA
INSEAD. In developing this all the CEOs, business Analysis EMEA&India); Sir INTEL Corporation); and Hans
report, we have especially leaders and experts who Stephen Gomersall (Chief van der Loo (Head European
relied on our INSEAD took the time from their Executive for Europe, Union Liaison,
colleagues, Soumitra Dutta, busy schedules to talk with Hitachi); Ben Noteboom Shell International).
An initiative of Carried out by Sponsored by
Putting Europe Back on Track Page 03

3. Looking beyond the storm: Three key areas for action:
Innovating, optimising costs & investing
Europe remains a powerful idea
Figure 2: What is your business Revenue-Growth Firms
It would be only natural to expect that those enterprises who Europe’s future than those that have maintained profits during 70% 70% doing to get back on track?
have suffered most from the crisis (i.e. those whose activities the same period. The results of the European Business Summit 67%
69% Revenue-Loss Firms
Source: INSEAD and Accenture joint research
and markets have declined) would be less optimistic about 2010 Survey of CEOs, however, show that the reality is more 62%
for European Business Summit 2010
Small and Medium
complex. Even among those companies that have been hardest 56%
57% (see Methodology for more)
hit by the crisis, faith in Europe’s future remains high. 52%
50%
52% Large
45%
44% 44%
40%
38%
34%
Figure 1: To what extent do you
agree that in the year 2020 the
50% A majority of Europe’s business 24%
25%
leaders believe that Europe “will be
21%
EU will be a strong economy and 17%
14% 15%
influential on the world stage? 42%
Source: INSEAD and Accenture joint research
a strong economy, recognised and 10%
12%
6% 5%
influential on the world stage.” The
1%
for European Business Summit 2010 3% 2% 2% 3%
(see Methodology for more)
Innovating Optimizing cost Investing Expanding Creating Influencing Nothing, Nothing,
number is higher among firms that overseas new jobs local and EU
policy makers
my business
is just trying
my business
is already
27%
experienced growth in revenue to survive on track
18%
22%
during the past year (Revenue-
14% 15% Growth Firms) (65%), yet remains
high (48%) among firms that lost Broad picture needed: High-definition and 3-D
6%
revenue during the past year
2% 3%
Looking at the broad picture of Europe, no isolated ‘fix’ can be expected to
(Revenue-Loss Firms).
Fully
disagree
Somewhat
disagree
Neither
agree or
Somewhat
agree
Fully
agree work; coordination (among countries) and consistency (across issues) will
disagree
Revenue-Growth Firms be required.
Revenue-Loss Firms
High-definition: The devil is in the details. Looking closely at 3-dimensional: Europe also needs to apply a multidimensional
Europe’s strengths and weaknesses and its possible responses vision to how it pictures its future. Such a vision comes from
to current challenges requires an in-depth, imaginative and looking at key issues from at least two different angles: social
candid approach: and economic, technological and cultural, for example. This
is where addressing ‘cross-cutting issues’ such as education,
Taking action and getting traction What can European SMEs do to help recovery and what skills, confidence and leadership can offer fresh perspectives
obstacles stand in their way? for action.
Putting Europe back on track requires a coordinated portfolio Clearly, those enterprises suffering most from the crisis tend
of multiple approaches, each involving concerted efforts of to focus more on cost cutting (69%) than those that have How is Europe’s ambition to be a carbon-free economy faring The present report thus seeks to do more than reflect and
multiple stakeholder groups and each associated with different maintained or increased their activity (57%), but the resilience in times of macro-economic crisis? summarise the views of European business leaders. It is also
risks and different time frames for producing results. Europe of growth-oriented attitudes‚ is quite remarkable. Answers an attempt to offer a common ‘line of vision’ to the various
already has a history of successful multi-stakeholder efforts. to this question differ with size: all regard innovation as a How can Europe’s relations of co-opetition with Asia and the sessions of the 10th edition of the European Business Summit.
The next step is for leaders from the public and private sectors priority (67% of SMEs and 62% of large firms), but attitudes are Americas work better in the future ? By presenting and analysing insights from CEOs on the
to learn from those successes and collaborate even more to significantly different regarding cost optimisation (a priority themes addressed by the Summit we hope to contribute to the
scale up isolated successes into European-wide successes. action for 52% of SMEs and 70% of large firms). Surprisingly, What should be Europe’s view of ‘virtuous financial markets’ ?
emergence of a coherent and well balanced set of actions to get
SMEs are more keen to invest and expand overseas than large Europe back on track.
In each of the areas they consider as important to put Europe How crucially will Europe’s recovery depend on ‘getting the
enterprises. A source of concern can be found in the data
back on track, Europe’s business leaders tend to point at Doha Round out of the ditch’ ?
regarding job creation. This is an area where action is still What follows consists of our main findings, organised into
insufficient political vision and support. But they are also insufficient and where the difference is the greatest between 12 sections, each corresponding to a theme addressed by
taking action and expressing a readiness to do more. expanding and declining enterprises (23% vs 10%) and also the 2010 European Business Summit.
between SMEs and large firms (25% vs 14%).
Page 04 Putting Europe Back on Track Putting Europe Back on Track Page 05

4. SMEs: Engines According to surveyed CEOs,
the three greatest barriers to
Bureaucracy
Lack of access to credit
71%
for recovery?
54%
the success of SMEs are:
Lack of flexibility in labor market 51%
Bureaucracy
Taxation levels 45%
Small and medium-sized enterprises (SMEs) make up 99% of all SMEs call for a more business-friendly environment, a Lack of access to credit
companies in the EU, providing two out of three European jobs. transparent and easy regulatory framework, a cut in red tape, On-time payment/cash flow 28%
Lack of flexibility in Figure 4: What are the greatest
easy access to finance and flexible labour, and prompt public
In November 2005, the Commission presented a new SME the labour market barriers to the success of SMEs?
and private payment. Insufficient access to talent/ 27%
policy. Entitled ”Think Small First”, it aimed to promote ability to attract and keep talents Source: INSEAD and Accenture joint research
entrepreneurship and skills via education and training, improve Will Europe finally anchor the “Think Small First” principle for European Business Summit 2010
Other 4% (see Methodology for more)
market access for SMEs, and simplify legislation. In December in all its policies and turn policy papers like the Small Business
2008, the EU Summit approved the Small Business Act to put Act into real action? How can we better enable SMEs to spur
SMEs at the forefront of national and European-wide decision- the economic recovery and long-term growth we need?
making and boost Europe’s economy. However, since then
various business groups have repeatedly criticised national and European business leaders (whatever the size of their
regional leaders for failing to implement the Small Business Act. companies) consider that SMEs have (1) a key role to play in
putting Europe back on track, and (2) a large array of obstacles
Foster Europe’s entrepreneurial spirit
on their path. When it comes to supporting SMEs, their
“If you ask Chinese and Indian people ‘What is your desired “We need to change the mindset of people leaving universities
actions differ.
type of job?’ on average you get 70-80% who respond that who say, ‘I want to work for the very large companies
they would like to build up their own company. If you ask of Europe.’ We should have a higher percentage of people
Europeans the same question, you’re moving down to who say, ‘I want to create my own company.’”
somewhere between eight to a maximum of twenty who
want to start their own business.”
Figure 5: What are large By paying promptly 31%
A key to Europe’s future, SMEs need active support...
Key findings
businesses doing to support and
encourage the growth of SMEs? Through procurement/supply
and more entrepreneurs2 Source: INSEAD and Accenture joint research polices that encourage the use
for European Business Summit 2010 of SMEs 18%
(see Methodology for more)
Most participating CEOs view Approximately 95% of participating CEOs considered it
important to take action to encourage and support the Providing funding/credit 12%
the growth of SMEs as an important growth of SMEs.
Through mentoring/ 17%
asset for putting Europe back on 58% of participating CEOs believed that those actions should coaching of leaders
track. However, they have different be taken within the next 5 years.
Other 3%
views about how and when to On average, one-fourth of participating CEOs considered
No specific action 19%
encouraging and supporting the growth of SMEs should be
help SMEs one of the three priority actions to be taken to put Europe
back on track.
Figure 3: Encouraging
58%
and supporting SMEs
Source: INSEAD and Accenture joint research
for European Business Summit 2010
Possible action points
(see Methodology for more)
In December 2009, three business groups – BUSINESSEUROPE, Ensuring that honest entrepreneurs who have faced
36% Eurochambres and UEAPME – criticised national and regional bankruptcy get a second chance.
leaders for failing to implement the Small Business Act. They
26% argued that national parliaments could take “simple actions” Mainstreaming the ”Think Small First” principle into all fields
prescribed in the Small Business Act, such as cutting the of legislation.
regulatory burden on business and speeding up payments.
Other actions include improving SME access to finance, Adapting public policy tools to SMEs’ needs, notably by
particularly to fund innovation and research. facilitating their participation in public procurement and
7% making better use of state aid.
Moving forward, leaders from the public and private sectors
Is one Needs to be Needs to be Is not need to be more active and aggressive about implementing Facilitating SMEs’ access to finance and developing
of the first addressed addressed important a legal environment supporting timely payment in
three actions within within the following principles of Europe’s Small Business Act:
to take 5 years 10 years commercial transactions.
(by 2014) (by 2020) Creating an environment in which entrepreneurship
is rewarded. Promoting skills upgrades and innovation in all its forms.
2
Consistent with the European Commission, we defined small and medium-sized
Page 06 Putting Europe Back on Track enterprises (SMEs) as companies with no more than 250 employees. Putting Europe Back on Track Page 07

5. Combat complacency:
Driving global recovery: Engage more with emerging economies
What can Europe learn
When asked, “What is stopping 43% said lack of In contrast, business leaders
entrepreneurship credited the strength of
businesses in the EU from being as – fear of taking risks. emerging economies to
from Asia?
successful as they should be in 40% said complacency
their entrepreneurialism,
absence of complacency,
moving into new areas of business?” – the appetite for and innovations that draw on
revolutionary change new technologies to develop
is not there. sustainable solutions for all.
Over the past two years, the speed at which Asia has recovered domestically oriented economies (China, India, and Indonesia)
from the economic crisis – especially in relation to Europe – has and Australia escaping a recession, and the more export 28% said lack of vision –
forced Europe to view Asia and other emerging economies in oriented economies experiencing a sharply V-shaped business businesses find it difficult
a new light. The IMF in its Regional Economic Outlook for Asia cycle. By the end of 2009, output in most of Asia had returned to think long term;
and Pacific (April 2010) notes that Asia is leading the global to pre-crisis levels, even in those economies hit hardest by
recovery: “Activity in many emerging and developing markets the crisis.”
has continued to rebound swiftly over the course of 2009 and
in the first quarter of 2010, particularly in Asia. The pattern In contrast, in May 2010, the European Commission forecast A quarter of CEOs surveyed
Figure 7: Building relations
of economic recovery has varied within Asia, with the more GDP growth in Europe to average about 1% this year, What with emerging economies 63% saw building relations with
can Europe learn from Asia? (e.g., to grow our markets emerging economies to both
and reduce costs) grow markets and reduce costs
Source: INSEAD and Accenture joint research as one of the first three actions
for European Business Summit 2010 to take to put Europe back on
(see Methodology for more)
track. Two-thirds of CEOs said
31%
engaging more with emerging
economies was critical and
25% should be addressed within
Asia will become the most powerful region in the world five years. The more European
Key findings
firms engage with firms
from emerging economies,
Of all the questions that we asked CEOs, the greatest consensus emerged 6% the more likely they are
from the question: Which region in the world will emerge the strongest Is one Needs to be Needs to be Is not
to combat complacency,
inspire smart risk-taking and
from the recession? No matter from what point of view we analysed the of the first
three actions
addressed
within
addressed
within
important entrepreneurship, and develop
responses, there was an overwhelming consensus among CEOs that to take 5 years
(by 2014)
10 years
(by 2020)
a vision for becoming stronger
in the global economic
the Asia/Pacific region would emerge strongest. landscape.
CEOs believe Asia offers Europe lessons in strategy, partnership, worker attitudes and work practices
Business leaders see China’s strength as both admirable and threatening
The only slight difference was Figure 6: Which region in the for European Business Summit 2010
(see Methodology for more)
between CEOs of firms from world will emerge the strongest
industry and CEOs of firms from the recession?
from services. Industry-sector Source: INSEAD and Accenture joint research CEO Interviews
CEOs were more convinced
about Asia/Pacific emerging 66% “We used to go to China “Chinese firms are lowest costs; the winners “During this crisis, China
Asia/Pacific simply to outsource developing their own brands have not been the ones actually invested even
strongest: 74% compared to 74%
66% of service-sector CEOs. manufacturing. Yet if you very quickly. If we don’t that were the biggest; the more aggressively than
In addition, the European 15%
look at business investments have strong enough brands winners are the ones with they did before. Whereas
Union was the second most North America in innovation and R&D in a given segment we will the best brands. Those the rest of the world was
8%
popular choice for industry- facilities, China is way certainly lose out to them. brands emerged from the going backwards they took
sector CEOs (8%), whereas Services ahead of Europe. In 10 to 15 Marketing and having a best innovation and the best two steps forward. They’re
5%
North America was the European Union years they will have much sustainable strategy of experience that firms bring buying companies; they are
8% Industry
second most popular choice more patents coming out, innovation and creativity to users. And this is true in making sure they’ve got raw
for service-sector CEOs. more leading universities always makes a difference. many, many segments in materials.”
5%
South America
coming out than what we For example, in more mature the industry.”
5% have in Europe. I think that’s segments such as the car
the scary thing. On the industry, the winners have
5% intellectual side, China will not been the ones with the
European countries non-EU
2% also, if they haven’t already,
overtake us.”
“When you go to Asia there 3%
Middle East
is a mindset - a hunger
Possible action points
1%
for success. There isn’t
the slightest element of 1%
complacency or satisfaction Africa
2% Designing a sustainable and competitive growth strategy for Forging effective partnerships between Europe and Asia
with where they are. There is Europe which increases the overall wellbeing of Europeans. in key areas, such as exchange of talent and pushing the
continuous ambition.” frontiers of technological progress.
Crafting an effective political governance which gives Europe
a unified voice and the ability to act decisively.
Page 08 Putting Europe Back on Track Putting Europe Back on Track Page 09

6. What kind of future
for finance?
During the first half of 2010, governments continued to struggle However new financial crises continue to blossom and expose
to control financial imbalances. Governments throughout additional inter-dependencies that had gone unchecked and
Europe introduced a number of actions to restore stability to threaten to contaminate the broader financial system. Is there
financial markets and ensure access to finance for firms, such as: sufficient international coordination and governance to both
prevent a future credit crunch and ensure that financial firms
restrict bonus and compensation in the financial sector; compete to the benefit of consumers? How should the roles of
notation agencies, banks and financial instruments (e.g. hedge
conduct ‘’stress tests’ of banks; and funds) be revisited and regulated ?
pass stimulus packages to address the “too big to fail”
syndrome
The financial sector must do Balancing regulation For 42.5% of the CEOs,
Key findings
getting the right balance
more to resolve its problems and liberalisation between regulation and
liberalisation of our
Only 3% of surveyed CEOs considered the problems with CEOs of firms that experienced growth were slightly more Figure 9: Getting the right balance between regulation and financial markets is one
financial institutions to have been completely resolved. optimistic than CEOs that experienced a decline in revenue liberalisation of our financial markets of the top three priorities.
over the past year. CEOs of revenue-growth firms tended
On average, over half of CEOs (54%) considered that
Source: INSEAD and Accenture joint research 92% of the CEOs said
to be split between whether the problems with Europe’s for European Business Summit 2010
the problems in EU financial institutions and markets “getting the right balance
financial institutions were unresolved or somewhat resolved, (see Methodology for more)
are unresolved and that there is a real risk that they will between regulation and
whereas two-thirds of CEOs of revenue-decline firms
re-surface in the next five years. This is true even for liberalisation of our
believed the problems were unresolved.
CEOs of revenue-growth firms (50%). financial market” should
be addressed within the
next five years.
Industry
77%
Services
Figure 8: How well have 64% 70%
the problems in our financial CEO Interviews
institutions and markets
been resolved? “Business needs
50%
47% macroeconomic stability.
Source: INSEAD and Accenture joint research
for European Business Summit 2010
47% Over the next year,
(see Methodology for more) governments have a big
35% 38% responsibility to first enact
the G20 agenda to stabilize
24%
the banking system and get
financial flows going again:
18% and second to deal with their
Revenue-Growth Firms own debt problems.”
2.5%
1.2% 5% 6%
Revenue-Loss Firms “From a financial standpoint,
Unresolved Somewhat Completely Is one Needs to be Needs to be Is not governments have certainly
Unresolved Resolved of the first addressed addressed important
three actions within 5 years within 10 made a huge effort to get us
to take (by 2014) years through the difficult times
(by 2020)
that we had last year.”
Possible action points
Establish international metrics for assessing and monitoring Foster multiple alternative options for companies and
new types of financial activity and determine when any firm is entrepreneurs to access the finance they need, and in the
becoming too big. process reduce their dependency on bank lending.
Measure and monitor the coordination of financial reforms to Devise comprehensive impact assessments of the cumulative
prevent regulatory arbitrage. effect of interdependent rules and requirements on the
financial sector and economy.
Agree on criteria for common burden-sharing and lender-
of-last-resort situations in the event of a new crisis to
complement strengthened macro- and micro-supervision.
Page 10 Putting Europe Back on Track Putting Europe Back on Track Page 11

7. Trading for Firms are expanding overseas
new growth in an effort to get back on track
Every economic crisis bears the threat of protectionist contributed to changing attitudes about what is fair and what is Figure 11: Percentage of firms For 37% of CEOs,
tendencies. In such situations, governments have a difficult role not in terms of international trade. Symmetrically, the growing that are expanding overseas as 47%
expanding overseas is
to play, caught between longer-term economic logics (free importance of large consumer markets in emerging economies part of their effort to get back 44%
one of the actions they are
trade is key to sustained recovery) and short-term pressure is encouraging mature economies to grant priority to keeping on track
taking to get back on track
from various sectors and segments of civil society. The current such markets as open as possible. Should governments be Source: INSEAD and Accenture joint research 34% (but is not in the top three).
round of multilateral trade negotiations undertaken under the more engaged in industrial policies and other trade-related for European Business Summit 2010 32% It is more important for
(see Methodology for more)
auspices of the World Trade Organization (WTO) - the so-called interventions in Europe? How can the Doha Round be large companies.
Doha Round – is still a complex set of unresolved issues. The re-energized? Is business ready to play the game of free
emergence of new export powerhouses such as China have also trade all the way? As part of their strategy for
getting back on track, more
industry-sector firms are
expanding overseas than
service-sector firms.
Even if contained, protectionist temptations
Key findings
Industry Services Small and Large Large firms are more
remain a major threat to recovery Medium likely to pursue overseas
On average, over half of expansion than small and
surveyed CEOs believe medium-sized firms.
that progress towards trade
liberalisation has either
Figure 10: In terms of progress
towards trade liberalisation, 49% been slow (45%) or
how do you see the future of non-existent (19%).
world trade in your sector?
42%
Source: INSEAD and Accenture joint research
for European Business Summit 2010
CEOs of revenue-growth
firms were only slightly
Remove inefficiencies and promote
(see Methodology for more) less critical than CEOs of open, rules-based trade
revenue-loss firms of the
pace or lack of progress
Revenue-Growth Firms of trade liberalisation. A common sentiment In some sectors and “The EU has a lot of opportunity to continue its course with its
shared by most of countries, local regulations, internal market policies. One area that excites me is the idea
Revenue-Loss Firms
22% One-tenth of CEOs of the business leaders price structures and skill of a Digital Internal Market. This in my mind will accelerate
21%
20% interviewed was that trade levels are the key barriers. tremendous innovation and growth for the EU and be a
18% revenue-growth firms
17% barriers do not significantly A CEO from the Services positive push to enable communities to improve healthcare,
believe that trade
liberalisation in Europe affect business; however, sector commented “We energy sustainability, education and help alleviate poverty.”
11% they do add to inefficiencies employ seven business
has declined. With regards
to CEOs of firms that lost and costs. people here in the region
revenue, twice as many just to deal with local
(21%) believe that trade regulation.”
Strong and Slow No change Decline of
steady progress liberisation liberalisation has declined.
progress
Possible action points
European firms should lead the promotion of open, rules- Reach closure of the Doha Development Agenda (DDA) by
based trade and investment and opposition to protectionism focusing on the three priority issues: industrial market access
by proactively fostering a united strategy for Europe in (tariffs and non-tariff barriers), liberalisation of services and
multilateral institutions such as the WTO. trade facilitation.
The WTO and other multilateral institutions need to
develop better rules to enforce anti-dumping, impose more
stringent anti-subsidy rules, and improve dispute settlement
procedures including an NTB-mediation mechanism to
enforce the rules.
Page 12 Putting Europe Back on Track Putting Europe Back on Track Page 13