Olli Rehn, Vice-President of the Commission and responsible for "Economic and Monetary Affairs and the Euro", says the challenge is to finally beat the crisis by rebalancing and reforming European economies.
Speaking at the Brussels economic forum, Mr Rehn looked ahead to the future of Economic and Monetary Union after the turmoil of recent years. He was confident that stability has been restored, but called for more progress.
Modernising the European economy, he said, depends on a combination of entrepreneurial drive and social justice.
He addressed three areas:
Current actions are not intended to dismantle the European model, but instead to “genuinely reform and modernise” the EU’s social market economy, he explained.