President Dr. Friedrich evokes the „Spirit of a United Europe“. „If the Euro fails, Europe will also fail“, so the German Chancellor, A. Merkel, in her recent government policy statement before the German Bundestag.

Even though young as to its age, it is unquestionable that the Euro is facing its biggest challenge at the moment.
Greece’s pending insolvency and the resulting concomitant aid measures go beyond the scope of imagination of many people and have resulted in quite controversial discussions both in Europe and worldwide. Controversial mainly because of a number of upcoming uncomfortable questions which will not only entertain and keep our courts busy in the near future.

Such as: Does the aid package constitute a violation of the „No Bail Out Clause“? Was the European Central Bank allowed to participate in any of the aid measures? Why could safety systems fail in the past? Was the reaction of the European crisis management appropriate and correct ? Etc.

One thing is for sure: on the one hand, there was and still is an urgent need in terms of reacting to the crisis, but, what is even more important: what are the lessons learnt and which conclusions can be drawn for the future?

On 10th June, EES will pay the European Central Bank a visit and have the chance to get information as to the current status of affairs. During the subsequent discussion, the German representative in the ECB’s board of directors, Prof. Dr. Jürgen Stark, will be ready to answer our questions.

In spite of all what we do and what has to be done we should never permit that the vision of our overall goal is clouded– a common European house, the cornerstone of which was laid half a century ago.
Judging Europe only in terms of its currency would be more than unfair. The common European spirit brought us 50 years of peace, success and prosperity. Worldwide, Europe is an outstanding example of a successful system of cooperation and integration.

Our common currency, the Euro, is one of the important pillars of this our European house. Together with the European Single Market, the Euro constitutes the foundation of our growth and prosperity.
Guaranteeing safety and stability requires extreme discipline of all participating states but also the acceptance of self-responsibility as well as efficient measures – in the form of an early warning system – in cases where there is non-compliance of individual members.

Securing what has been achieved and showing us the direction into a successful future is now the joint task to be performed by the stakeholders in the area of policy, economy and science. And - together in this context means: we should not allow that the competition for the best solution fails because of personal of national egotism.