After a review of the crisis in the EU since 2008, he said: "Today we have learnt the lesson, albeit the hard way". The Europe 2020 strategy is now being implemented and "the European institutions have embarked on a fundamental reform of the governance of the euro area". Mr Almunia added: "We are not talking about fiscal discipline only, but also about the need to restructure and to adjust other macro-economic imbalances within the EU. […] Improved governance of a monetary union goes hand in hand with more effective economic integration. And this requires, first and foremost, a clear political vision and determination".
Mr Almunia then turned to competition policy as an instrument in the resolution of the financial and sovereign-debt crisis. Referring to the State aid rules designed by the Commission for the rescue of the banking sector, he said: "Thanks to the crisis regime, structural problems that had been affecting many banks well before the crisis are being addressed". Vice-President Almunia ended his presentation giving several tangible examples of how competition policy can "promote the kind of efficient markets that we need for the medium-term objectives of economic growth and innovation".
Full speech
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