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May 10, 2010

"We will do anything to defend the Euro"


If Europe wants a monetary union, it must promote an economic union.

Europe cannot afford its social model without economic growth and increased competitiveness.


World Economic Forum

Photo: Participants captured at the World Economic Forum on Europe held in Brussels, Belgium, May 10, 2010. © World Economic Forum. Photo by Youssef Meftah.


World Economic Forum Annette Court

Photo: Annette Court (Member of the group Executive Committee and Chief Executive Officer, Europe General Insurance Zurich Financial Services, Switzerland) captured at the World Economic Forum on Europe held in Brussels, Belgium, May 10, 2010. © World Economic Forum. Photo by Youssef Meftah.


Jose Manuel Barroso.jpg

Photo: José Manuel Barroso (President, European Commission, Brussels) captured at the World Economic Forum on Europe held in Brussels, Belgium, May 10, 2010. © World Economic Forum. Photo by Youssef Meftah.


The World Economic Forum on Europe opened today (May 10, 2010) in Brussels, Belgium. Over 400 leaders from business, government, academia and civil society from over 40 countries are participating. The meeting is being held from 10 to 11 May under the theme Renewed Leadership, New Vision.

In less than 48 hours, Europe took "a historic decision" to provide an unprecedented rescue package in an effort to combat the debt crisis that has swept across Europe and threatened markets globally.

"We have stated that we will do anything to defend the euro. We completed an agreement to respond in a coordinated, fast and effective manner to any difficulties in Member States. Any attempt to weaken the stability of the euro will fail," said José Manuel Barroso, President, European Commission, Brussels, at the opening plenary of the World Economic Forum on Europe.


Francine Lacqua

Photo: Francine Lacqua (Anchor and Business Reporter, Bloomberg TV, United Kingdom) captured at the World Economic Forum on Europe held in Brussels, Belgium, May 10, 2010. © World Economic Forum. Photo by Youssef Meftah.


After a meeting in Brussels lasting more than 11 hours, the Economic and Finance Council, comprising the EU's economic and finance ministers, reached an agreement in the early hours of Monday morning on a loan package of more than 720 billion euros over three years to defend the euro and to cover the needs of European Member States that, according to Barroso, are "living beyond their means". Stock markets, which fell to near three-month lows last week over rising concerns about debt contagion from Greece, rallied on Monday in response to the substantial emergency loan package from the EU and the International Monetary Fund.

Referring to the bailout package as a "consolidation pact" for the eurozone, Barroso pledged to broaden surveillance of the EU's economic imbalances, reinforce competitiveness and push for a permanent mechanism to deal with economic crises. "If there is one lesson we have learned from this crisis, it is this: if you want a monetary union, you need to promote an economic union. This means reinforced economic governance and respect of all obligations Member States have under the Stability and Growth Pact."


World Economic Forum

Photo: Chander P. Gurnani (Chief Executive Officer, Mahindra Satyam, India) captured at the World Economic Forum on Europe held in Brussels, Belgium, May 10, 2010. © World Economic Forum. Photo by Youssef Meftah.


World Economic Forum

Photo: Jeffrey Joerres (Chairman and Chief Executive Officer, Manpower Inc., USA) captured at the World Economic Forum on Europe held in Brussels, Belgium, May 10, 2010. © World Economic Forum. Photo by Youssef Meftah.


Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, praised European leaders for their "great act of European solidarity" and noted that this historical moment represents a "critical juncture" for the future of Europe.

Source: World Economic Forum

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