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More urgency is required to catch up economically with the US, said EU leaders on Friday (Photo: European Commission)

Crucial economic report arouses mixed reactions

EU leaders have called for urgent action in the wake of a damning economic report although some have criticised its proposals.

The report - drafted by former Dutch Prime Minister Wim Kok - warned that the EU threatened to "seriously miss" its target of becoming the "most competitive economy in the world by 2010" and called for countries holding up progress to be "named and shamed".

Dutch Prime Minister Jan Peter Balkenende praised the report as an "excellent contribution" and sa...

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More urgency is required to catch up economically with the US, said EU leaders on Friday (Photo: European Commission)

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