'Protectionism is not conducive to growth, it increases unemployment. An opening up of markets will create additional jobs,' said Austrian Finance Minister Karl-Heinz Grasser, who chaired the three-day talks in Vienna, including meetings with Asia's leading economies.
Grasser's ringing pro free-market message was endorsed by all 25 EU governments and the European Commission. But turning Europe's anti-protectionist rhetoric into policy remains the toughest economic challenge facing the 25-nation bloc.
Despite the noble sentiments expressed by Grasser and others, the meeting in Vienna is not expected to lead to any easing of the protectionist tide currently sweeping through many of the bloc's key nations.
Relations between France and Italy remain tense over the merger of French utility Suez with state-owned Gaz de France following takeover interest from Italy's Enel.
French Finance Minister Thierry Breton told reporters in Vienna that governments must have the right to impose special rules in key sectors like agriculture, water and energy.
Luxembourg's Prime Minister Jean-Claude Juncker - who is also chairman of the 12-nation Eurogroup - remained adamant that governments had the right to 'question' takeover bids on issues like jobs.
Juncker's stance reflected his continued opposition to a planned hostile takeover by the Rotterdam-based Indian steel giant Mittal of European steel firm Arcelor, based in Luxembourg.
In other examples of growing protectionism in Europe, there has been tension in Poland over foreign bank ownership and the European Commission is examining efforts by Spain to hinder the takeover of the national energy concern Endesa by its German competitor E-ON.
In Vienna, Breton and EU Economic and Monetary Affairs Commissioner Joaquin Almunia also poured cold water on a proposal by British Chancellor of the Exchequer Gordon Brown for a panel of experts to carry out anti-trust probes and bolster competition in key EU industries.
And Grasser and his German counterpart Peer Steinbrueck exchanged unusually acrimonious public barbs over investment and tax policies, spotlighting continuing fiscal rivalry within the 25-nation bloc.
EU officials insist that that most governments know what is needed to boost growth in Europe. It's turning pledges into concrete action which remains very difficult, however.
Europe's 'must-do' list includes an embrace of open markets, beating off economic nationalism and ensuring that capital and services move freely across borders.
EU governments must also 'walk the walk' on labour reforms and step up efforts to strengthen Europe's attractiveness as an investment location, Grasser told the Vienna meeting.
Grasser's clarion call was echoed with equal fervour by the three top European business leaders he invited to convince EU finance chiefs of the merits of globalization.
One after one, the chief executives of Nestle, Volkswagen and Telefonica told ministers that EU governments must further open up their markets, slash red tape and continue the process of deregulation started as part of the bloc's 1992 frontier-free single market programme.
'We need to put our house in order' by reducing red tape and stopping state interference in business, said Peter Brabeck-Lemathe, head of Swiss-based global food giant Nestle.
Lemathe said Europe was still 'a good place to invest.' But governments and people must stop 'defending jobs to produce things that consumers do not want to buy today,' he said.
Hammering home the message, Telefonica chief Cesar Alierta told reporters EU governments must focus on building a single market with free movement of goods, capital and people across frontiers.
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