## IMF Survey: Crisis is Opportunity for Deeper, Faster Integration

_IMF News, March 29, 2010_

## Source details

**Canonical URL:** [IMF Survey: Crisis is Opportunity for Deeper, Faster Integration](https://www.imf.org/en/news/articles/2015/09/28/04/53/sonew032910a)

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- [Markdown version](/en/news/articles/2015/09/28/04/53/sonew032910a/index.md)
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## Bibliographic details
- Published: March 29, 2010

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### Event overview
- Format: TV panel debate titled “Twenty years of Transformation in Central and Eastern Europe: Fulfilling the European Promise.”
- Location: Royal Castle in Warsaw.
- Broadcast: Will be broadcast by France 24 on April 6 and will also be available on imf.org.
- Publication: IMF Survey online, March 29, 2010.
- Panelists: IMF Managing Director Dominique Strauss-Kahn, former Latvian President Vaira Vike-Freiberga, editor-in-chief of Gazeta Wyborcza Adam Michnik, and historian Jacques Rupnik.

### Clear benefits of European integration
- Single currency introduced in 1999.
- Eurozone defined as the 16 members of the European Union that share the euro.
- Panel consensus: European integration has produced “incredible achievements” and is “the best idea Europe has had in 2000 years,” per Michnik.

### Crisis exposes weaknesses and policy recommendations
Findings
- Crisis has exposed weaknesses in the institutional and policy framework; current crisis represents an opportunity to address these weaknesses.
- “When you build a single currency, the natural step that follows should be a coordinated economic policy,” Strauss-Kahn said.
- “The crisis shows when the weather is quiet, existing institutions work well enough. But when you have a storm, then weaknesses of this institution appear clearly,” Strauss-Kahn added.

Policy recommendations and actions urged by panelists
- Better and stronger coordination of economic policy across Europe.
- Implement and better enforce the Stability and Growth Pact; its rules must be better enforced, per Strauss-Kahn.
- Strengthen region-wide surveillance.
- Europeans should think in terms of shared research and development and innovation policies.
- Implementation of the Lisbon agenda cannot be left to the individual good will of countries.
- No double standards in implementation for different sets of countries.
- Eurozone countries should be faithful to their commitments to EU members in emerging Europe.

Political dimension
- The challenge is more political than technical; use the crisis as an opportunity for deeper and faster integration.
- Concern about complacency: “Europeans have been complacent. Eurozone countries have been complacent. If we had followed up on the Lisbon strategy, we would be ahead of the game,” Vike-Freiberga said.

### Europe and the world
- Warning against being inward-looking: “India, China, the United States and other parts of the world are growing fast. If Europe is to retain its place in the global economy, it too needs to move fast,” Strauss-Kahn said.
- The panel urged moving ahead with deeper and faster integration to maintain Europe’s global economic position.

### Greek crisis and audience questions
- IMF stance on Greece: Strauss-Kahn said the IMF stands ready to help if asked by the government but is not seeking to be asked; he hoped the Greek government would manage without IMF assistance.
- Rupnik: Greek crisis dealt a serious blow to Europe’s image but offers an opportunity to spur political trust, transparency, and commitment; integration “is not a linear process.”
- Audience questions covered:
  - Costs of addressing the demographic shock and ageing in Europe and whether there was a “hidden debt.”
  - Whether Europe should rely more on market discipline and less on the Maastricht Treaty.
  - What specific measures are needed to strengthen economic coordination in Europe.
  - Whether more powers should be transferred to the Commission, for instance in competition and deregulation.

*IMF Survey online, March 29, 2010.*

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## Content in this bundle

- [New032910afpdf (PDF)](/-/media/websites/imf/imported/external/french/pubs/ft/survey/so/2010/new032910afpdf.pdf){rel="external" type="application/pdf"}

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## References

- [https://www.imf.org/en/News/country-focus](https://www.imf.org/en/News/country-focus)
- [PRESS CENTER](http://presscenter.imf.org/)
- [In The News](https://www.imf.org/en/news/search)
- [IMF Country Focus](https://www.imf.org/en/news/country-focus)
- [Road ahead for Europe](http://www.imf.org/external/pubs/ft/survey/so/2010/NEW032610B.htm)
- [Read the speech](http://www.imf.org/external/np/speeches/2010/032910.htm)
- [Listen to the podcast](http://www.imf.org/external/mmedia/view.asp?eventid=1751)
- [Poland and the IMF](http://www.imf.org/external/country/POL/index.htm)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2015/09/28/04/53/sonew032910a_