The volume of financial derivatives on the world market is five times larger than the worldwide gross domestic product and this is a bubble that is going to burst, with the risk that gross domestic product will drop dramatically, particularly in the United States.

5. Firmly believes that making Europe more competitive requires greater financial means for research and innovation, taking into account the new EU competences in the field of research and the enlargement to 25 and soon more Member States; calls for at least a doubling of the percentage represented by the FP budget in the EU Member States" GDP and urges Member States to regard this as a minimum not be questioned during the negotiations on the financial perspectives; asks the Commission to plan FP7 in line with its proposal for the financial perspectives for 2007-2013 and to defend the proposal for the EU budget to be set firmly above 1 ...[+++]% of GDP;

The Commission may take these measures "when there is a 7% disruption of the normal level of crude oil supply at world level" (Art. 7, par. 2) or "when the price of crude oil on the spot markets is such that, were the price maintained at that level for 12 months, the Community´s external oil bill during the next 12 months would be increased by the equivalent of more than 0,5% of the EU´s gross domestic product as compared with the average external oil bill during the previous five years" (Art.8, par. 2).

It will amount to only 1.03% of Europe's GNP.

(d) government deficit and debt as percentages of gross domestic product (these figures require consistency between the concepts of government deficit, government debt and gross domestic product).

The net rent received by non-residents as owners of land and buildings in that country are to be recorded as property income to the rest of the world and therefore to be deducted from GDP during the transition to GNP (and vice versa).