20 December 2010

During his one-day visit in Poland, Dominique Strauss-Kahn, the Managing Director of the International Currency Fund gave a lecture in the Warsaw School of Economics (SGH) titled „After the Global Financial Crisis – The Road Ahead for Europe,” in which he pointed out three basic areas of activity in Europe. Those resulted from the reflection on the financial crisis.

The first of them concerns the need for a fundamental restructure of the supervisory architecture of financial markets. The new supervisory architecture should include the European Resolution Authority which has the authorization and tools to cope with bankruptcy  of systemic banks operating on the cross-border level. The second consists in the necessity to strengthen the coordination of economic policies in individual EU Member States, either in the macro-economic, structural and financial aspect. The third, the most up-to-date priority is the economic awakening and counteracting the increasing unemployment

Dominique Strauss-Kahn also took part in the panel debate broadcasted live from the Royal Castle in Warsaw. The debate was titled “20 years of transformation in Central and Eastern Europe: fulfilling the promises.” Vaira Vike-Freiberga, The president of Latvia, Adam Michnik, a publicist in “Gazeta Wyborcza” and Jacquea Rupnik took part in the debate.

Dominique Strauss-Kahn highlighted that the countries in our region experienced an unusal improvement of life conditions during the transformation, which would have been impossible without the integration with Western Europe. Strauss-Kahnnalso pointed out that appropriate financial and economic management, stong institutions and healthy economic policy enabled Poland to avoid excessive effects of the financial crisis. The 20 billion credit line of the International Currency Fund given to Poland was only one of the elements which helped Poland to cope with the crisis in a relatively painless way.