Vienna, April 8:

EU finance ministers will talk about Europe’s efforts to cope with globalisation, before they start a two-day long meeting with Asian ministers.

Chief executives from Nestle SA, Volkswagen AG and Telefonica Moviles SA are meeting ministers to explain how they believe the 25-nation bloc can remain an attractive business location as Europe tries to capitalize on the current upswing in export demand and create more jobs. Responding to global changes by trying to protect national economies could damage growth, European Central Bank president Jean-Claude Trichet said.

“Protectionism is a potential risk to keep in mind,” he told reporters after the first day meeting with EU finance ministers in the Austrian capital, Vienna, “I think it’s a phenomenon that also has to be faced at the global level.” French and Spanish moves to protect national energy champions in recent months have run into trouble with EU regulators who say it is illegal for governments to discriminate against foreign takeovers.

Trichet said he and the ministers were fully behind European Commission efforts to break down national barriers to doing business across Europe.