EUOBSERVER / BRUSSELS - A compromise deal between the EU's 'Anglo-Saxon' and 'social market' economies is the best way to secure Europe's future economic strength and social stability, says former EU competition commissioner Mario Monti.

Speaking at the Brussels Economic Forum on Thursday (14 May), an annual meeting point for some of the globe's most influential economic policy makers, Mr Monti added that the current crisis provided an excellent opportunity to secure such a deal.

Former commissioner Mario Monti advocated a compromise economic model at the Brussels Economic Forum on Thursday (14 May)

"To avoid frustration in both groups of countries resulting in resentment against Europe generally and the single market specifically, the EU should, in my view, grab this chance that was not there one year ago," he said.

The Anglo-Saxon economies of the UK and Ireland, together with many new member states, have in the past voiced their frustration with continental countries such as France for failing to comply with single market rules, such as competition and state aid requirements.