Politicians in Western Europe and the United States need to find ways to create jobs to end crisis after crisis that have strangled economies and markets, business leaders say.
Debt scares in Europe and high unemployment rates in the U.S. are still hampering economic recovery from the worst economic downturn since the Great Depression.
"Without jobs, we are not going to get even the modest growth that we desperately need in the Western world," says Sir Michael Rake, chairman of BT Group, the British telecoms company, CNBC reports.
"For job creation to happen, businesses have to feel confident about the future, and that requires strong political leadership."
Other corporate heavyweights agree, like Sir Martin Sorrell, chief executive of advertising firm WPP.
"Corporates are not going to take on marginal hires, and consumers are not going to make marginal purchases, whether it be automobiles or domestic appliances, at the moment," Sorrell tells CNBC.
"We should be targeting unemployment, targeting tax incentives, targeting the structure of the labor market," says Moorad Choudhry, Head of business treasury, global banking and markets at Royal Bank of Scotland, CNBC adds.
"On both sides of the Atlantic, the really big issue is unemployment."
Authorities in Europe are studying ways to issue euro zone bonds to ease debt concerns there, says European Commission President Jose Manuel Barroso.
"This is a fight for the jobs and prosperity of families in all our member states. This is a fight for the economic and political future of Europe. This is a fight for what Europe represents in the world," Barroso says, according to Reuters.
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