European Union officials are seeking to change the deep stagnation of its present economy. They are looking into adapting one component of the U.S. model to create growth and employment by supporting more private investment in these enterprises.

On Saturday Michael Noonan, Irish Finance Minister, related that banks in the United States gave twenty five percent of external financing for entrepreneurs. In Europe though, he observed that "the proportion is the opposite - 70 to 75 percent of business financing comes from banks."

He spoke at the conclusion of a two-day meeting of EU finance ministers in Dublin.Minister Noonan added, "There was a shared view that we must begin to take tangible action to assist in developing a more balanced financial system in which banks, institutional investors and public authorities all play a role in supporting long-term investment in growth and jobs."

The Minister of Finance claims that this is very vital as many small and medium businesses in European Union do not have access to additional financial support which in turn helps in job creation.