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Europe After The Lisbon Treaty. Strategies for the Future

In times full of commotion, it is of the utmost importance to follow the rules of the market economy and to responsibly dene the level of budget de- cit as cost of debt may prove to be too heavy a burden, slo- wing down economic growth. Marek Belka, President of the National Bank of Poland, stated that especially in such turbulent times with such a high public debt, markets cannot forget about watching this closely and expecting that money will be used more eectively. It is of utmost importance to maintain the costs of debt servicing at the present level. During the plena- ry session entitled“How to make up for the lost time” Paul Jorion from France pointed out that according to the recent data included in rankings pre- senting the competitiveness of economies, prepared for the World Economic Forum in Davos, Switzerland, Sweden and Singapore have moved to the top places whe- reas the USA has fallen to fourth place. The economic climate is changing and it aects the competitiveness of these countries. Already in the nineties Sweden had to make a turn to the ‘doing-business’ direction whereas in the USA there are ever more limitations and burdens. Luc Frieden, Minister of Finance, Luxemburg

The necessity of limiting public debt levels was emphasised by Luc Frieden, Minister of Finan- ce in Luxemburg. Unless public debt level is reduced citizens of particular countries may expect only increasing taxes, a tougher nancial situation and belt tightening. Unfortunately, while watching what Europe- an and also national politicians are doing one may come to the conclusion that they pay much more attention to other issues than the proper ba- lancing of expenditure and revenues in particular countries - concluded the Mini- ster of Finance in Luxemburg. Arseniy Yatsenyuk, Leade , Political Party “Front of Change”, Ukraine


Economic challenges of globalisation


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