“Quo vadis EURO? – Stress test for the EU”. On 9 December 2015, the 4th Brussels Wednesday Social took place at Solvay Library. Standing in for Vice President Valdis Dombrovskis, Olivier Guersent, Director-General of the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) explained his vision of a Eurozone that is resilient to crises. It is also and not least true for these troubled times that Europe is currently experiencing.
More than 100 guests from politics, business and civil society accepted METRO GROUP’s invitation to discuss the prospects of the euro area and the future of the European project in general with Olivier Guersent. The event took place on 9 May 2015 at Solvay Library in Brussels. It was organised in cooperation with the Federation of German Food and Drink Industries (BVE) and with the support of European Movement International (EMI).
A Summary of the Evening
In his presentation, Guersent pointed out the fundamental importance of a stable financial market system and an EU Banking and Capital Markets Union for a functioning European economy. While the EU had learned from the most recent financial market crisis, it was far from crisis-proof, he argued. “The eurozone must be made more resilient to crises quickly.” The eurozone could not be a house that was nice to live in when the weather was good, it needed to have a solid roof for stormier weather as well. “This roof is being constructed at the moment.”
Guersent also outlined the necessity of a European financial markets policy for the European Union project as a whole. “If we forget why we are together in the EU, we will probably not be so relevant on the world scene any more.” In this context, he pointed out: “What unites us is stronger than what divides us.”
Following his presentation, Olivier Guersent discussed with the audience about a variety of issues, such as the importance of trade for Europe, the internal market or the role of the Member States.