[ccebook.cn]The World in 2010

Europe
Beyond the crisis
Nov 13th 2009
José Manuel Barroso, president of the European Commission, sets out Europe’s policy priorities
Barroso
We live in a time of transformation. People are worried about the future. The European Union’s robust and coordinated
response to the financial and economic crisis has contributed to pulling the economy back from the
brink. But the crisis is not over. The challenge for 2010 is clear: it must be the year in which we set the
course for a sustainable recovery.
The crisis has shown how difficult events are to predict. But I will stick my neck out and make a prediction for
2010. I believe that we can come out of the present crisis stronger than ever. There are two reasons for my
confidence.
The first is that the EU knows where it wants to go. We have defined our priorities: we want to reinvigorate
our inclusive social market economies; we know we must become a low-carbon economy. Second, the
solidarity and sense of urgency created by the response to the crisis have actually given us momentum to
work jointly towards our goals.
The enlarged EU has been the driving force behind global co-operation through the G20. The combined assets
and efforts of 27 member states and the European Commission provide us with the critical mass needed to
offer co-leadership in building a new global economy. European ideas have thoroughly informed the solutions
agreed upon.
Sustained recovery now requires effective—and global—reform of financial markets. Only a more ethical and
responsible financial sector can properly serve the needs of the economy. What is more, effective regulation is
in the interests of financial institutions. Prudent institutions must no longer be at the mercy of reckless
behaviour by their competitors. Such behaviour destroyed trillions of euros of value and brought the whole
system to the point of collapse.
The commission has put forward detailed proposals for a new European and global supervisory architecture to
be in place in 2010. This would have been unthinkable two years ago. Now we have a unanimous endorsement
from the heads of state and government. We will not let this opportunity slip.
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