Reforming Europe Out of Crisis: Nordic and Danish Perspectives & Solutions
Examining the role that economic stability and growth play in global security, Villy Søvndal, Denmark’s minister for foreign affairs, considered Europe's current economic situation in remarks at SIPA on September 23. He outlined critical steps to move forward and held up Danish and Nordic models as possible models for future growth.
Denmark has introduced new financial regulations and is currently working on developing a banking union inside the EU. Søvndal says it is expanding the internal market to help businesses grow and create new jobs across Europe.
“We have strengthened our economic surveillance mechanisms and tightened and expanded our economic cooperation,” he said. “We are carefully prioritizing our resources so that we do not strangle growth and employment in our efforts to consolidate our economies.”
Katharina Pistor, a CGEG faculty associate and the Michael I. Sovern Professor of Law, welcomed Søvndal and led the conversation. She promoted the discussion on institutional setups of the private-public partnerships in Europe, perceptions of fiscal union, and the extent of the political union 20 years ahead. She also highlighted the challenges facing a small country operating in the shadow of a large economy, and inquired about the extent that Denmark has benefitted from being part of the European Union.
In his speech, Søvndal committed to stay focused on implementing the reforms agreed on by the EU, and on maintaining economic discipline to restore acceptable employment levels and regain competitiveness. Regarding the welfare model of Denmark and other Nordic countries’, he reiterated that “it has clearly demonstrated that low taxes and unregulated markets is not the only way to economic growth.”
The event was sponsored by the Center on Global Economic Governance and the Center on Global Legal Transformation of Columbia University.
— Dariela Sosa MPA ’14
Read Minister Søvndal's speech (full text).
Watch the speech and discussion.