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Austerity Politics or Growth? On the Euro zone’s future in Krynica


18 Jul 2012


Euro & Finance

Europe faces one of the most serious crises in its post-war history. Greece is still far from stabilization, Italy and Spain struggle against problems on their bonds market owing to the increase of profitability, and Cyprus, which heads the presidency of the Council of the European Union, turns for loans to Russia. How do other countries react to this? Germany disagrees with France over the way the European Union works, Italy has its own ideas for EU reforms.  Spain is waiting for financial assistance for its indebted banks. It seems that the implemented integration model and economic system of the EU require some fundamental changes. In the near future, the EU members will have to solve a basic dilemma: stimulate economic growth or follow the policy of further belt-tightening in the name of fiscal discipline.

In the context of the Euro zone’s crisis, questions regarding regulation and their impact on the financial sector still arise. Last year, discussions on this topic aroused the strongest emotions in Krynica. During the debate, the representatives of the largest financial market players strongly criticized the existing financial order. Economists and politicians indicated that the financial sector grew excessively and stopped serving the real economy. Furthermore, it specialized mostly in tax evasion and circumventing regulations.

The Economic Forum program attempts to refer to the most serious problems and challenges facing Europe. Therefore, over this year's meetings in Krynica, macroeconomic subjects will be tackled multilaterally. The distinguished representatives of governments, parliaments, international financial institutions, large and medium sized businesses  have confirmed their participation in the debates on the future of the euro zone, rating agencies, financial supervision, state institutions functioning, political leaders role, pension reforms and the others. The participation has been confirmed, among others, by: Miroslav Lajcak, Deputy Prime Minister and Minister of Foreign Affairs of Slovakia; Tibor Navracsics, Deputy Prime Minister and Minister of Public Administration and Justice of Hungary; Vinkele Ilze, Latvian Minister of Social Security; Jan Krzysztof Bielecki, Head of the Economic Council of the Prime Minister of Poland; Vazil Hudak, Deputy Minister of Finance of Slovakia; Peter Chase, Director for Europe, the Chamber of Commerce, USA; Gabriel Bernardino Director of the Committee of European Insurance Supervisors and Pension Funds; Andrzej Jakubiak, Chairman of the Financial Supervision Authority; Laszlo Balogh, Vice President of the Hungarian Financial Supervisory Commission; Mark Le Gross Allen, Regional Representative of the International Monetary Fund Central Europe; Vincent Van Dessel, President and Chief Executive Officer of NYSE Euronext Brussels and the former Prime Ministers of Hungary and Slovakia – Gordon Bajnai, and Mikulas Dzurinda respectively.

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Institute for Eastern Studies

Institute for Eastern Studies has since its inception in 1992 been active in the field of co-operation among European countries, especially in Central and Eastern Europe. Various projects conducted at different levels have been adding to creation and development of political, economic, cultural and scientific ties among states in the region.

Economic Forum

Over the period of more than ten years, the Forum has become an important and recognized event in this part of Europe. In its efforts related to the Forum, the Eastern Institute is supported by the Programme Council. The Council sets the content and programme of the Forum, and gives direction to its further development. For more information visit: