The 15th Brussels Economic Forum explored the timely topic of “Sustaining the recovery, strategies and policies for growth and sustainability”. European Commission President José Manuel Barroso opened the conference and reminded that “conventional wisdom says that further structural reforms are now necessary”.

The invitee of the day for the Fourth Annual Tommaso Padoa-Schioppa Lecture was President of the European Council Herman Van Rompuy. He stressed the importance of reflection and common understanding on what the EU defines as the economic and financial crisis. At the same time, one should not lose sight of how far we’ve come, the Banking Union seeming unrealistic a short two years ago.

Between these two Presidents, panels were held exploring the lessons learnt from the crisis response, Europe’s growth prospects in a globalised economy, the role of structural reforms for adjustment and the all-important growth and also a look at financing the recovery to take us into Europe’s next economic chapter.

The worst is over, but reforms must go on

Although Europe has survived its biggest ever test with the economic and financial crisis, the ambitious reform plans to strengthen the economy should not be eased, according to European Commission President, José Manuel Barroso. Opening the 2014 Brussels Economic Forum on June 10, Barroso warned that the biggest challenge now was to prevent any relapse into complacency. “The fundamental problem facing EU is political: how do we keep up pace of reforms when the dangers are receding?” he said.
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Lessons from the crisis response for the way forward

“When you face a financial crisis with the real risk of a bank run you need to act forcefully to counter the panic,” European Commission Vice President Olli Rehn reminded looking back over the last five years of Europe’s economic crisis and the resulting solutions found to counter the ‘panic’ as he enters the final stretch of his term as Commissioner.
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Europe's growth prospects in the globalised economy

A lasting recovery of the EU from the economic crisis is at risk until it agrees major structural reforms, according to the experts at 2014 Brussels Economic Forum’s panel on Europe's growth prospects in the globalised economy. Although the panel members offered different prescriptions to boost the economy, they all warned that Europe’s current meagre growth could vanish fast if nothing was done.
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The role of structural reform for adjustment and growth

Conventional wisdom says that structural reform has become imperative. The experts at the afternoon panel on the role of structural reform for adjustment and growth presented facts and figures on what has been achieved at the level of structural reforms since the crisis, whether it has been enough, and what the impact has been. In addition, current priorities and incentives for further reform were outlined.
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Financing the recovery: The state of Europe's financial sector

Europe has made huge strides in strengthening its financial sector over the past few years, but it still has much more to do to protect against any new financial crisis, panellists agreed., Three challenges for the banking sector – to restore trust, to give clarity and prepare for a more competitive environment – were identified as valid for Europe as a whole going forward.
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More profound change can happen. Trust and an environment of growth and job creation are key

The very raison d'être of the European Union lies with dealing with differences in mindsets and confronting them, claimed Herman Van Rompuy, President of the European Council, who was invited to give the 4th Annual Tommaso Padoa-Schioppa Lecture.
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