Commissioner M. Bangemann delivered a speech on "The information society and employment" at the European Information Technology Conference (EITC '94) in Brussels on 6-8 June 1994. Mr. Bangemann stressed that the diffusion of new technologies will contribute to job creation in Europe. If the European Union is slow to use new technologies, it will lose its competitive advantage and destroy employment prospects. Job creation will occur mainly in new services and "content" industries, such as information services and audiovisual programme production. This evolution will also help preserve the diversity of European culture. Three specific actions are expected to be developed on the basis of the Bangemann Group report on "Europe and the global information society": - Acceleration of the current telecommunications deregulation; - Preparation of necessary European regulations on intellectual property rights, and privacy and security; - Promotion of experimental applications. The information society is in the midst of a revolution. In such a situation of discontinuity, the costs of inaction are higher than the costs of action. The necessary mechanisms for action should be set in motion at the European Council meeting in Corfu, Greece, on 24 June 1994.