11 May 2012

European Council President Herman Van Rompuy: Beyond the institutions - Why Europe today?

Mr Van Rompuy focused on the questions as to whether Europe can remain an attractive and competitive continent in a world which is changing so quickly, and whether the European Union can offer the right answers.

The single currency and also the Schengen area bring the Union, more than ever, into people's  daily lives. That is why European issues play a major role in domestic politics. We saw it last Sunday in elections in France, in Greece. In a way, we are the victims of our success.

The financial crisis has had a catalytic effect. Its key lesson is how interdependent we have become. Among euro countries of course, but also beyond. A deficit in Greece, a banking crisis in Ireland, a recession in the Baltic states can impact all neighbours, all economies in the Union. We discovered that our financial interdependence was stronger than our economic integration, and much stronger than our political integration.

As regards the stability of the eurozone, we must make it clear, to consumers, to investors, that the euro is irreversible and that this crisis will be overcome. This will take time. But we can do it. The mild recession, or mild recovery, is partly due to a lack of confidence of consumers and investors in the future of the eurozone. I'm very concerned about the situation in Greece. This is the defining moment for the country. I appeal to the sense of national responsibility of all political leaders to reach an agreement respecting the country's engagements and ensuring its European future. I should like to underline that alongside financial support for the programme, the European Union is developing a huge effort to revive growth in Greece, through investments in projects and technical assistance.

Jobs, growth, and their prerequisite, political and financial stability: these are the main ingredients to bringing back people's confidence: their confidence in the strength and resilience of our continent, of Europe's economies, and their confidence in the European project.

Full speech

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