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| E-NEWS |
Special issue, 10 June 2016 |
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| About the Brussels Economic Forum 2016 |
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The 16th Brussels Economic Forum focused on how a revamped EMU and next generation structural reforms, supported by the Investment plan for Europe could serve to boost jobs and growth in the EU.
Following introductory remarks by the European Commission’s Director-General for Economic and Financial Affairs, Marco Buti, European Central Bank President Mario Draghi gave the 5th Tommaso Padoa-Schioppa Lecture. In his speech, Draghi emphasised the importance of policy alignment to fulfil the EU's economic potential.
Monetary policy does not exist in a vacuum, he said, describing the situation of central banks as independence in interdependence. While each euro area country has its own challenges, raising economic potential is above all about structural reforms, and ultimately comes down to two factors: employment and productivity.
Relating to keynote speeches given by Vice-Presidents Dombrovskis and Katainen, Commissioner Moscovici and EIB President Hoyer, four panels explored the Forum's topical issues in detail and also discussed lessons learnt from economic adjustment programmes. An inspiring and stimulating day. |
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« There are many understandable political reasons to delay structural reform, but there are few good economic ones.
The cost of delay is simply too high.» |
 Mario Draghi (President, European Central Bank) |
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| « We have done the necessary crisis management. But the work is not finished.
We need to move further to complete the EMU.» |
Valdis Dombrovskis
(Vice-President, European Commission) |
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| « The Investment Plan for Europe is also a structural reform, a Europe-wide structural reform.» |
Jyrki Katainen
(Vice-President, European Commission) |
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| «Now we need to pave the way for a time when people will be able to feel proud and happy of the reforms led by Europe.» |
Pierre Moscovici
(Commissioner, European Commission) |
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| « We must now walk courageously on the learning curve and see what is our conclusion, where to raise our ambition.» |
Werner Hoyer
(President, European Investment Bank) |
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| 5Th Annual Tommaso Padoa-Schioppa Lecture |
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Draghi: Eurozone mustn’t delay structural reforms
Eurozone member states must hasten structural reforms nationally and collectively, European Central Bank President Mario Draghi told the Brussels Economic Forum 2016. Delivering the fifth annual Tommaso Padoa-Schioppa lecture, Draghi said delaying reforms would hurt labour and productivity and lower economic potential in the long run. Interactions between different economic policies meant that it is in everyone’s interest that the various strands of policy buttress each other.
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We need to continue completing the Economic and Monetary Union
The euro area has reformed in recent years and is much more stable, but still needs to be further strengthened and deepened, according to top EU officials at the Brussels Economic Forum.
Valdis Dombrovskis, the EU Vice-President for the Euro and Social Dialogue, said that although many changes had already taken place, it should not mean slowing the reforms.
“Today, the Economic and Monetary Union (EMU) is already much more resilient than it was just a few years ago,” he said. “Over the last years, we have proved that Europe can be decisive if action is urgently needed.”
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Time for structural reforms 2.0
When the economic crisis hit, the European Commission's response included a strong emphasis on structural reforms that meant Member States had to take on deep reforms and a comprehensive policy approach.
Now that Europe is beginning to emerge from years of acute economic troubles, it is time to reflect.
At the Brussels Economic Forum, leading policymakers and experts gathered to discuss the future direction of structural reforms and how they could better stimulate inclusive growth.
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Embrace reforms, experts say
Financial support or economic adjustment programmes are sometimes perceived as traumatic or even humiliating, but governments can take advantage of them to embrace reform, according to experts at the Brussels Economic Forum.
At the panel entitled ‘Economic Adjustment Programmes: Lessons Learned’, the experts – all of whom had been involved in EU economic adjustment programmes – admitted that there had been bumpy moments during the five euro area programmes, but that the results were ultimately successful.
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Investment as an engine for growth
The 2014 Investment Plan for Europe is at the heart of the European Commission’s strategy to boost investment and raise growth in Europe. It is firmly on track to meet its target of mobilising at least EUR 315 billion of additional investment in the real economy by 2017.
The Forum brought together the leading architects of the plan and one of its earliest beneficiaries to discuss how the plan is stimulating growth in Europe and how it should evolve.
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Contact |
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Directorate-General for
Economic and Financial Affairs
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