Hanoi seminar discusses Euro crisis and Europe’s future

The Vietnam - Germany Friendship Association and Germany’s Friedrich-Ebert Stiftung on July 3 co-organised a seminar to talk the future of European and the Euro crisis.

The Vietnam - Germany Friendship Association (VGFA) and Germany’s Friedrich-Ebert Stiftung (FES) on July 3 co-organised a seminar to talk the future of European and the Euro crisis. 

Vice President of the VGFA Hoang Van Huay presented his look about the public debt recession in Europe as well as its impacts on the European Union countries, especially those that saw their public debts surge due to the bank system bailout.

In general, the global economic crisis is forecast to peak in the first half of 2013 and will get better from the second half thanks to positive effects of loosening and economic stimulating policies of many countries, he said.

Speaking at the talks, Prof. Christa Randzio-Plath, President of the Germany’s Marie-Schlei Association analysed the monetary crisis as well as the future of existing currencies in the world, particularly the prospects of the Euro – the currency of connectivity in Europe - as well as the entire Europe and the European Banking Union.

The professor said the global economic and financial crisis has not only put EU into a difficult situation, but also posed new challenges to the union in how to overcome the financial crisis and at the same time consolidate the domestic market.

According to the scholar, it is necessary to establish a social alliance besides the economic and monetary alliance, to supervise the social impacts of all policies of the union, thus boosting EU solidarity.