Strengthening Competitiveness and Growth in Europe
On Tuesday, 30 October Vice Chancellor and Federal Minister of Economics and Technology Dr Philipp Rösler spoke about the need to strengthen competitiveness and growth in Europe at the London School of Economics and Political Science (LSE). At the invitation of the LSE’s German Society in association with the LSE European Institute, the Minister explained how Germany seeks to re-establish confidence and stability in the European economy.
Enlarge image Rösler: "Only by implementing the necessary reforms can Europe regain its trustworthiness" (© German Embassy London) As Professor Craig Calhoun, the Director of the LSE, noted in his introductory remarks, the theme of the lecture “could not be more timely”. To a diverse audience of students, journalists and policymakers the Minister stressed that structural problems cannot be solved by short-term solutions such as debt-fuelled spending which can provoke inflation. After facing its own economic problems ten years ago, Germany went through tough reforms in order to regain its competitiveness.
Enlarge image LSE Director Craig Calhoun (r) and Minister of Economics Philipp Rösler (c) (© German Embassy London) Minister Rösler added that while he was in favour of deeper integration in Europe, the political imperative needs to be an adherence to the rules and procedures that have already been established. Only by implementing the necessary reforms can Europe regain its trustworthiness. Minister Rösler cited Ireland and to an extent Spain and Italy as examples for the beneficial effect of economic reforms.
During the Q+A following his speech, Minister Rösler stressed that every country needs to keep its promises before receiving further financial assistance. Otherwise, the current problems would only worsen.
He concluded on the hopeful note that Europe is about much more than only economic cooperation. After all, the European Union has brought about a long period of peace and prosperity.