Fostering Economic Recovery.docx
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Fostering Economic Recovery.docx
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FosteringEconomicRecovery
FosteringEconomicRecovery:
TheEUMovesfromCrisisManagementtoReform(Video)
Speaker:
JoséManuelDurãoBarroso,President,EuropeanCommission
Presider:
JamesD.Wolfensohn,Chairman,Wolfensohn&Company,LLC;FormerPresident,WorldBank
September24,2010
GeneralMeeting:
FosteringEconomicRecovery:
TheEUMovesfromCrisisManagementtoReform
EuropeanCommissionpresidentJoséManuelBarrosodiscussesthestateoftheEuropeanUnion'seconomysincetheeconomiccrisis,aswellasthegeopoliticalandgeoeconomicfactorsthatposeaschallengesforthefuture.
MODERATOR:
Ladiesandgentlemen,it'sagreatpleasuretowelcomeyouallherethiseveningforaveryprivilegedeveningwithJoseManuelBarroso,thepresidentoftheEuropeanCommission.
AndI'dliketowelcomeyou,Mr.President,andalso,Mrs.Barroso,andmembersofyourteamwhoareherewithyouinaverybusyweek.
IfImay,Iwilljustremindyouthetechnicalaspectsoftonight,whichispleaseturnoffyourcellphonesisthefirstrequirement.Andthesecondrequirement,whichnormallyis,istotellyouthatthismeetingwouldbeofftherecord.But,infact,tonight,itisontherecord.
Andtheframeworkoftheeveningwillbethatwe'llaskthepresidenttospeak,andwewillhave,then,ashortconversation.Andthenit'llbeopenforquestionsfromallofyouinrelationtothesubjecttonightofthepresident,whichisstabilize,consolidate,reformE.U.movesfromcrisismanagementtoreformagenda.Andweallverymuchlookforwardtohearingfromyou,Mr.President,onthisveryimportantsubjectnotjustforEuropebutfortheworld.
Ithinkmanyofyouknowsomethingofthebackgroundofthepresidentwhichis,indeed,distinguishedbothasascholarandasapolitician.HisworkandscholarshipincludeshisstartinghiscareerinPortugalandthenworkingattheUniversityofGeneva,thenspendingsometimeasavisitingprofessorattheDepartmentofGovernmentandSchoolofForeignServiceatGeorgetownUniversity.And,subsequently,hebecameheadoftheinternationalrelationsdepartmentatLusiadaUniversityinLisbonandthefounderoftheUniversityAssociationofEuropeanStudies.
Butthenpoliticsattractedhim.Andin1980,heenteredthatfieldintheBelgianpoliticalsceneintheSocialDemocraticParty.Hewaselectedthreetimes.AndinApril2002,hewaselectedprimeministerofPortugal.July2004,electedpresidentoftheEuropeanCommissionwhichheisnowservinghissecondfive-yearterm.
HeholdsmanyhonorarydegreesandhonorsofwhichIshallnot,ifyoudon'tmind,repeatthisevening.Buttakeitthatheiswellrecognizedintheinternationalcommunity.
Hiscomingheretonightisdeeplyappreciatedbyusbecauseitisaveryimportanttime,Ithink,forallofusaswelookattheglobaleconomy.AndtohavetheleaderofEuropecometospeaktousgivesusanopportunitynotonlytolearnaboutwhatisgoingoninthecountriesthatherepresentsandspeaksforbutalsotolookatourownsituationwithinthecontextofglobaleconomicandpoliticaldevelopment.
SoifImay,Mr.President,Iwouldliketocallonyouimmediatelysothattheydon'thavetolistentome.Andthenwhenyou'refinished,we'llhaveashortconversationandwe'llopenitforquestions.
PresidentBarroso?
(Applause.)
EUROPEANCOMMISSIONPRESIDENTJOSEMANUELBARROSO:
Ladiesandgentlemen,firstofall,thankyouverymuch--(inaudible)--someoneIverymuchadmireandrespectforthekindwordsofintroduction.
Letmestartbythankingyouforinvitingmetospeaktoday.Infact,IcameseveraltimestotheCouncilonForeignRelations,andwhenIlastspoketoyou,youwerestillshowingthefullforceofthefinancialandeconomicstorm.
Certainly,theEuropeaneconomywasthenindeeptrouble.Ithad,sofar,themostseverestresstestsimaginable.Andtherewasaclimateoffear.Peoplewereworriedabouttheirpensions.Companiescouldnotgetcredit.Iftheyhadcapital,theycouldnotrisktheinvestment.Businessdroppedbecausenooneknewofthefuturehealth.
Thestormdamageisstillallaroundus.Morethan6.3millionEuropeanshavelosttheirjobssince2008.Manyfamilieshavebeenpushedtowardsthepovertyline.EuropeanUnionmemberstateshaveseentheirdeficitsriseto7percentofGDPonaverage,anddebtratiosrisetomorethan80percentofGDP.
ManydoubtEuropeans'determinationtorespond.Manydoubtourcapacitytoact.IthinkIcansaytheywerewrong.
ThenationsofEuropelookedforanswers,andtheyfoundtheminEuropeanUnion.Wearetheovercomingdifficultiestogether.TheeconomicoutlookinEuropeanUnionisnowbetterthanwhenIlastaddressedyou,notleastbecauseofourgiantaction.
Therecoveryisgatheringpace,although,admittedly,progressisunevenwithintheUnion.Growththisyearwillbehigherthaninitiallyforecast.TheunemploymentrateissimilartotheU.S.rate,andwhileitisstillmuchtoohigh,ithasatleaststoppedincreasing.
Adegreeofcautiousoptimismhastakenroot,butwecannotsitbackandrelaxyet.Itistooearlytowritetheepitaphofwhatsomecallthe"GreatRecession."UncertaintiesandrisksremainoutsideaswellasinsidetheEuropeanUnion.Theafter-painsofthecrisisarelikelytoremainwithusforquitesometime.
Sotoconsolidatetheprogresswehavemade,itisnowvitalthatEuropemovesfromcrisismanagementtoreformagenda.Budgetaryexpansionhasplayeditsroleincounteringdeclineineconomicactivity.Now,inthecontextofanaccommodatingmonetarystance,onlysignificantstepstoreformswillpreventmedium-termgrowthprospectsfrombeingdisappointing.
Theprioritiesoftheto-dolistofEuropeeconomicpolicymakingare:
completingfinancialregulatoryreform,continuedfiscalconsolidationandtacklingmacroeconomicimbalancesbyfrontloadingstructurereforms.That'squiteachallenge.
ButasIlookathowthiscrisishaschangedEurope,thereareplentyofreasonstobelievewewillsucceed.First,extremelydifficultbutnecessaryandunavoidabledecisionshavealreadybeenimplementedatthenationallevel.Greeceistheobviousexample.
But10othermemberstateshavealsoembarkedonapathofconvincingstructuralreformandfiscalconsolidation.
Second,thereisstrikingconcensusaboutthewayforwardforgedinalargepartbytheneedtodevelopacommonEuropeanpositionfortheG-20.EuropeanCommissionhasbeenputtingforthproposalsthathavereceivedoverallsupportamongour27memberstates.
Traditionalpolicydividesbetweenkeymemberstateshavenarrowedconsiderably.Thereisnowabroadcommitmenttoabalancedexitstrategyandareturntofiscalsustainability,particularlyasdemographicchallengesstarttobind.
Memberstatesagreethatfiscalconsolidationshouldinvolveexpenditurecuts,ifnecessary,thatareenforcedbytaxincreases.Theyalsoagreethatpriorityshouldbegiventogrowth-friendlybudgetitems.
ThethirdreasonforconfidenceisthatthetraditionalarchitectureofEuropewillbesubstantiallystrongerasweexitthecrisis.Thereformsystemoffiscalrules,anewsystemtotacklemacroeconomicimbalancesandEuropeansystemicriskboardwillhelptomakethe--(inaudible)--workmoreeffective.
Withbetterenforcementofrulesandearlierwarningofproblemscomesgreatertreatability.Infact,justyesterday,theEuropeanparliamentgaveitsfinalapprovaltothesupervisorypackagethatthecommissionhadputforwardlastyear.
Upuntilnow,ourmarketwasinterdependentbutoversightwaspurelynational.From2011on,Europewillbethefirstregionintheworldtohaveinplacetop-notchsupervisionthatisuptothechallengesofthefuture.
Moreover,financialfacilitieswhichwerecreatedtorespondtotheEurocrisiswhichamountto500billionEuroshaveputamajorholeinEurope'seconomicandmonetaryunion.Andthisopenedthepossibilityofdevelopingamorepermanentsolution.
Andtheadoptionoftheso-calledEuropeansemester,whichconcentratesinonesemesterthebulkofeconomicpurveyanceoftheEuropeanUnionwillencouragegreatercoordination,economictransparencybetweenmemberstatesastheyplan,discussandadopttheirnationalbudgets.Soitwillbeevenbeforetheypresentbudgetstotheirrespectiveparliamentsandthendecideofcollectiveandmonetary.
Takentogether,allthisrepresentsquitealeapforwardforEuropeaneconomicgovernance.MechanismstocombineEuropean-ledeconomicreformprogramswithEuropeanfinancialsolidarityhavebeencreatedwhichweresimplyinconceivablebeforethecrisis.
Twoorthreeyearsago,ifyouaskedmeisthispossible,Iwouldsaynotintheforseeablefuture.Infact,itwasprobablythegreatestdriverforacceptingreformsthatweresimplynotpossiblesometimeago.
SothesearehistoricaltimesforEurope,buttheywillalsohaveanimportantimpactonglobalfinancialmarkets.Inparallel,wearenowfrontloadinggrowthenhancingstructuralreformsthroughastrategywedecidedtocallEurope2020,aprogramtoguideoureconomytowardsnewsourcesofgrowthandsocialcohesioninordertoachievesmart,sustainable--(inaudible)--growth.
Businessisattheheartofthisstrategy,smallandmediumenterprisesinparticular,whichisnotsurprising.Definedascompaniesemployingoneto250people,SMEsrepresentmorethan99percentofalltheEuropeanfirmsandprovidetwooutofeverythreeprivate-sectorjobs.
Gettingcreditflowingagain,investingininnovationandattackingredtapeareprioritieshere.AnotherpriorityisEurope'sinternationalmarket.Thisisawell-developedweboffinancialandeconomicrelations,buttherearestillsomemissinglinksandbottlenecksacti
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