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Friday, 21 October 2011

President: Euro zone crisis is a turning point

“Towards a More Integrated and Stable Europe: Challenges Ahead of the Euro Area and Central, Eastern and South-Eastern Europe”   |   “Towards a More Integrated and Stable Europe: Challenges Ahead of the Euro Area and Central, Eastern and South-Eastern Europe” “Towards a More Integrated and Stable Europe: Challenges Ahead of the Euro Area and Central, Eastern and South-Eastern Europe” “Towards a More Integrated and Stable Europe: Challenges Ahead of the Euro Area and Central, Eastern and South-Eastern Europe” “Towards a More Integrated and Stable Europe: Challenges Ahead of the Euro Area and Central, Eastern and South-Eastern Europe” “Towards a More Integrated and Stable Europe: Challenges Ahead of the Euro Area and Central, Eastern and South-Eastern Europe” “Towards a More Integrated and Stable Europe: Challenges Ahead of the Euro Area and Central, Eastern and South-Eastern Europe”

Jean-Claude Trichet, President of the European Central Bank, received from President Bronisław Komorowski Commander Cross with Star of the Order of Merit of the Republic of Poland.


The distinction was awarded in recognition of his outstanding services in supporting economic reforms in Poland and in developing international cooperation in the area of finance.


The award of the distinction by the President took place at the occasion of a conference hosted on Friday, October 21, 2011, by the National Bank of Poland “Towards a More Integrated and Stable Europe: Challenges Ahead of the Euro Area and Central, Eastern and South-Eastern Europe”.


- The current crisis in the euro zone is a turning point in the history of the whole European Union, it can also turn out to be the most difficult moment from the very outset of European integration”– noted Bronisław Komorowski during the conference. He went on to point out that in spite of its all drawbacks, the monetary union is a unique project.


The President emphasized that the global financial crisis highlighted certain failings in the institutional organization and in the very functioning of the euro zone and the entire EU. – Stability of the euro zone was shaken and the shortcomings of its structure painfully surfaced,- as he assessed.


- Some institutional solutions and the rules underpinning their functioning need to be recast, others need to be more strictly followed, yet others need to be simply supplemented – said Bronisław Komorowski. That being said, added he, bearing in mind all the weakness in the euro zone structure, one cannot forget that seen against the backdrop of the earlier integration efforts the monetary union is an absolutely unique project.


Alluding to the success of the common currency, the President pointed to price stability, effective struggle against inflation, additional trade volumes, economic growth and 14 million of new jobs created.


At the same time, Bronisław Komorowski underscored that the euro zone is also “a project of tomorrow” for countries beyond its boundaries, such as Poland. - We do not want to stay helplessly on the sidelines waiting for the Polish zloty to be replaced by the euro. We wish to actively take part in the reforming of the system of the monetary union, participating in the Euro Pact Plus and actively co-shaping new rules of economic governance, he said. (PAP/ own information)
 

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