An investment banker from BarCap recently told the Forum of Economic News that he's got the solution to bring "competitiveness" back to the European Union.

Cut benefits by half, and make everyone work harder.

The comments from Hans-Jörg Rudloff, the head of the Management Board of investment bank Barclays Capital, will obviously infuriate the public, who will remember that BarCap paid out bonuses that were so good this year that bankers gathered at a bar immediately after work for a champagne toast to everyone receiving "at least a £600,000 bonus."

Here's a transcript of what he said:

"Europe is carrying a social rucksack, which makes us uncompetitive in this world. We have provided living standards for our populations which are unheard of, which no one ever thought would be possible, for the last 50 years."

"People do not want to give up these living standards."

"Populations are not ready to voluntarily discipline themselves in more work, less rewards, and less security. And it's only [natural] that the population would react like this and here, its a question of democratic leadership and a question of whether indeed we are able to reinvigorate ourselves and to state public ally in this world that that we want to be competitive."

This is what Rudloff says the EU has to do:

Half of the social benefits have to go

People have to work more, longer hours, longer years.

Otherwise, it is impossible to continue to fund the present system of today.

Promote c ommunication and the free movement of people and the immigration from all European countries will push us to a much strong union.

Watch a video of his speech by clicking here >