During their lunchtime summit held today (15th October 2008), European Liberal Democrat Prime Ministers, Foreign and European Affairs Ministers stated that the financial crisis must not be used as an excuse for watering down or stopping the reforms that are contained within the EU’s energy and climate change package in order to meet the EU’s 2020 climate change targets that were established last year.

Summarising the lunch discussions Annemie Neyts, President of the European Liberal Democrats stated that the participants discussed two main issues: the global financial crisis and the future of EU-Russia. Concerning the recent financial turmoil, President Neyts underlined that it is vital Europe has a common approach. Regarding Russia, Mrs Neyts stated that we do not want to isolate Russia but that we would need to wait a few more weeks before resuming talks over a new cooperation agreement.

“We must maintain the ambitious 2020 targets of 20% greater energy efficiency; reduction of CO2 by 20%; and 20% of energy to come from renewables commented Anders Fogh Rasmussen, Prime Minister of Denmark. “We cannot afford to change our energy policies; we must reduce our dependence on energies, such as oil, that have fluctuating prices and invest in renewables. The EU must take the global leadership role in tackling climate change” Rasmussen concluded.

Finnish Prime Minister, Matti Vanhanen added, renewable energies and energy saving technologies will have world-wide markets and so investment in renewable technologies will not only help to meet the EU’s climate change targets but also stimulate the financial markets.

Ivars Godmanis, Prime Minister of Latvia supported these views and also stated that private enterprise is the only long-term option and that government intervention in financial markets must not be extended for longer than is necessary.

ALDE Group Leader, Graham Watson, called on his liberal colleagues to make sure that the financial crisis does not hinder the free movement people and capital, which would undermine the EU Single Market.

“What this crisis does demonstrate, is what happens when freedom is confused with the absence of rules. I have argued over the years that an open market is a regulated market”, Annemie Neyts concluded, in commenting on the missed opportunities for the European commission to take the lead role in the EU rescue operation of the financial crisis. “Once more, Commission President Barroso preferred to wait and see what the member states would do. Once more, he missed the opportunity to put his Commission in the driving seat of EU affairs”.

The liberal summit also gathered Karel de Gucht, Minister of Foreign Affairs (Belgium); the Prime Ministers Andrus Ansip (Estonia) and Calin Popescu Tariceanu (Romania); and the Ministers for European Affairs Gergana Grancharova (Bulgaria) and Cecilia Malmström (Sweden).