On 26 April 2004, the Irish Presidency organised a round table discussion between the EU Competitiveness Council and leading US and European business leaders. The agenda included a discussion of the challenges facing European industry, particularly from lower-cost economies in the Far East, and the continuing productivity gap with the US.
The Presidency highlighted the need for a fast agreement to the draft Framework Directive on Services saying that "there are so many barriers in Europe to doing business, particularly in the services sector, which accounts for 70% of the jobs and 70% of GDP." The importance of a European patent was also emphasized.
The Irish Deputy Prime Minister noted:
"We were urged not to follow the Californian example, to legislate for the floor not the ceiling; in other words to legislate for minimum standards but not to seek to create a panacea for all our problems through legislation and regulation that can destroy investment and send jobs elsewhere".
Comments from Europe’s largest pharmaceutical company (GlaxoSmithKine) called for greater public sector investment in R&D, increased private sector involvement; and support for investment such as targeted subsidies and tax incentives. The GSK President said that the EU is a hostile environment for the pharmaceutical industry with lengthy delays in market access for new products, a great disparity between the healthcare systems in different member states which would widen further after enlargement, and a negative public attitude to the industry.
