( CNN ) -- Organizations today would never think of not investing in high growth markets like China and India . Yet they are still dragging their heels when it comes to investing in women , despite it being a win-win situation for the global economy , organizations and women themselves . This is not just a human rights issue -- it makes absolute business sense . Research conducted throughout the world shows gender balance in top positions contributes to improved competitiveness and better business performance . In Europe this week , issues around women 's advancement and empowerment have been high on the agenda . The European Parliament 's economic affairs committee voted down the nomination of Luxembourg 's Yves Mersch to the European Central Bank board , calling for his candidacy to be withdrawn . It was a protest over the lack of women in top EU posts . Also , the EU 's Justice Commissioner , Viviane Reding , who is intent to impose an EU-wide quota for women on supervisory boards , looks likely to have to go with a watered down proposal to be presented mid-November . Debate on these issues is important precisely because it puts the issue of gender inequality on the table . It draws attention to the danger of having so few women at the top and encourages focus on the improved business benefits of engaging women , for individual organizations and the economy as a whole . But business leaders can not afford to be complacent and must demonstrate real progress . That 's why I set up the CEO Champions initiative with our CEO , Jim Turley , and the Women 's Forum for the Economy and Society . Change needs to be driven from the top of organizations , and peer groups like CEO Champions are so important because they are designed to create and gradually expand a group of leaders to act as champions of women 's empowerment , helping to achieve what I like to call `` visibility with teeth . '' What makes our peer group unique is our ability to take a strong leadership role in the broader global business community and form powerful coalitions . Looking ahead , we have much to learn from other successful initiatives like the 30 % Club in the UK and Male Champions of Change in Australia . It is only through engaging with other groups and establishing greater visibility for CEO Champions that we can drive real change . What is clear is that business leaders must commit to champion change -- to be transparent about their goals for change , to align their incentives systems to drive the change , and to make sure their work environments are flexible in a way that allows men and women who choose to work to be able to achieve all of their potential . If they do n't champion that change , they will be doing so at their own peril and quotas will be a public policy hammer of last resort . Over the next decade , the impact of women on the global economy -- as producers , entrepreneurs , employees and consumers -- will be at least as significant as that of China 's or India 's one-billion-plus populations , if not greater . If women 's economic potential can be successfully harnessed and leveraged , it would be the equivalent of having an additional one billion individuals in business and in the workforce contributing to the global economy . It 's for this reason that Ernst & Young has been involved in the Third Billion global campaign , which unites governments , NGOs , corporations , youth and others to partner toward ensuring women 's access to legal protection , education and training , finance and markets . Just recently , Booz & Company published new data outlining compelling evidence that women can be powerful drivers of economic growth . Their estimates show that if female employment rates were to match male rates , overall GDP would grow significantly in the U.S. by 5 % , in Japan by 9 % , and in developing countries like Egypt by a massive 34 % . The World Economic Forum also published their annual Global Gender Gap report -- the data suggests a strong correlation between those countries that are most successful at closing the gender gap and those that are the most economically competitive . Some companies are already investing in women and thereby betting on a brighter future -- for a workforce just waiting to blossom , for emerging economies whose development depends on this new talent , and , of course , for their own financial growth . In the current economic climate there really is no longer any excuse to not be investing in one of the largest untapped economic engines . You can not flick a switch overnight but the private sector has a tremendous opportunity and responsibility to lead on these issues .
In Europe this week , issues around women 's advancement and empowerment high on the agenda . Comment: Research shows improved gender balance in top positions contributes to better business performance . GDP growth of over 5 % possible for countries which increase female employment rates to the level of men .