- I am glad to hear such a realistic assessment from the President of the Commission. In particular, we must not give in to euphoria. I certainly agree with the need for a drop in the cost of labour and an increase in flexibility. In this context, may I ask the President of the Commission to comment on the rise in low wage production in the newly industrialized countries, particularly China and Korea which he did not mention, and also to comment upon the fact that the United States is considered to be the most competitive nation in the world today.

Is the Commission making a proper assessment of the influences which will come about both from low wages in the east and increased competitivity in the United States?