1 Dec 2008: CEPS event on financial crisis - 2nd stream

Leading think tanks join forces to tackle financial crisis
Brussels, 1 December 2008: The four leading European think tanks CEPS, Notre Europe, the EPC and Bruegel organised a discussion of the EUs response to the global financial crisis. The meeting was opened by Tommaso Padoa-Schioppa, President of Notre Europe and former Finance Minister of Italy, who explained that Europe was on the one hand in a better position compared to the US when it came to the fundamentals, but on the other it was in a much worse position to manage a crisis because it is not as accomplished as an international policy actor. Hans Martens, CEO of the EPC, noted that the joint meeting was intended to sound a wake-up call for those member states that are in denial about the state of the economy, and then went on to stress the role that has been played by the euro, and the importance of the stability and growth pact. Daniel Gros, Director of CEPS, concurred with Padoa-Schioppa on the shortcomings of the EU, remarking that the exceptional circumstances of recent months have proved that the European framework is structurally inadequate to deal with serious crises at the systemic level. André Sapir, Senior Fellow at Bruegel, focused on the blurring boundaries between action at the EU level and action at the level of the members of the Eurogroup, as well as on the important spill-over effects that call for action.

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