video transcript

(ROUGH CUT ONLY - NO REPORTER NARRATION) There's a big difference in the mood about the euro zone at this year's World Economic Forum in Davos, Switzerland, compared with last year according to Klaus Regling, Head of the European Stability Mechanism (ESM). He added that the bloc has embraced reforms such as fiscal consolidation, while working on integration and it also boasts a stronger banking sector. Regling said Spain is making good progress, and does not expect Madrid to request a sovereign bailout this year. That subdued optimism was shared by Martin Sorrell, Chairman of the world's largest advertising agency WPP, but he stressed that Europe needs to become more competitive. He also believes the UK would be better off remaining in the EU. Competitiveness is a major concern for Carlos Ghosn, CEO of carmaker Renault Nissan. He does not expect European automakers to see sales growth this year, but says slower decline is all that can be hoped for. Klaus Regling, Head of European Stability Mechanism (ESM) Martin Sorrell, Chairman, WPP Carlos Ghosn, CEO, Renault Nissan