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Speaking at the World Economic Forum, a gathering of corporate and government leaders, he stressed it was essential that the industry return to sustainable profitability levels as soon as possible.
Loyola de Palacio, European Union commissioner for transport and energy, said the global airline sector, which she called financially fragile, was of critical importance to the health and growth of any economy.
She called for a Common Transatlantic Aviation Area, an economic arrangement embracing both the European Union and the United States and would make possible a common approach to such issues as security, safety, foreign ownership limitations and government regulation.
She said foreign ownership restrictions hindered consolidation in the sector, with non-EU companies not allowed to take more than a 49% stake in a European airline.
Current US regulations restrict foreign ownership in a US airline to 25%.
"This disparity should be addressed," said de Palacio, calling for the "special relationship" between the EU and the United States to be extended to the airline industry.
She and Jeanniot see sector consolidation as essential to efforts aimed at averting further banckruptcies and spurring growth in the aviation sector.
The last year was devastating for airlines worldwide, as passengers - their numbers already declining early in the year in response to an economic downturn on both sides of the Atlantic - became even more reluctant to travel after the September 11 attacks in the United States.
Two major carriers, SwissAir and Sabena, have declared bancruptcy while several others, such as British Airways, are implementing severe cost-cutting measures to counter a slump in profits. - Sapa-AFP
