The European automobile manufacturers’ association ACEA, is urging European leaders to take speedy action to restore economic stability.
“Europe’s increasing instability risks both the European and the global economy,” ACEA said in a statement following a board meeting in Brussels.
“It is especially important that confidence in the Eurozone is restored,” it added.
Finally, ACEA said the region’s economic and fiscal governance must be improved and “appropriate support mechanisms” must be put in place.
“There is an urgent need for leadership and action to solve the Eurozone’s problems, most notably the sovereign debt issue. The region’s economic and fiscal governance must be improved and appropriate support mechanisms put in place. Deficiencies that were not addressed at the time of the creation of the euro must now be dealt with swiftly and decisively”.
It is easy to understand why the automobile manufacturers association is speaking out so forcefully: vehicle sales are suffering due to the European debt crisis.
The European Automobile Manufacturers Association (ACEA), founded in 1991, represents the interests of the major car, truck and bus manufacturers in Europe at EU level.
ACEA includes BMW, Daimler, FIAT, General Motors Europe, Jaguar Land Rover, MAN, Porsche, PSA Peugeot Citroen, Renault, Scania, Toyota Europe, Volkswagen and Volvo.
Earlier on Friday, German Chancellor Angela Merkel said Europeans faced a long, hard “marathon” to restore lost credibility.
If EU leaders are able to find a lasting solution to the crisis, European car sales would be stable or slightly lower in 2012 compared with this year, Daimler Chief Executive Dieter Zetsche said