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Ewald Nowotny - The "Vienna Initiative"

Please visit the Salzburg Global Seminar page on YouTube for the complete list of videos.
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Session Videos:
Ewald Nowotny - The "Vienna Initiative"
Further, Governor Nowotny addressed the importance of collaboration. He spoke about the so-called "Vienna Initiative" as a positive example of international cooperation.

Ewald Nowotny - on Structrural Deficeits in Public Finances
The final part of his lecture was devoted to fiscal problems in Europe and challenges of structural reforms in the Euro area.

Ewald Nowotny - Re-assessing the crisis and its sequencing
Governor Nowotny started the lecture by looking back at the origins of the crisis and how it evolved. He spoke about a complex set of conditions, causes and trigger factors, which made the crisis possible.

Ewald Nowotny - The Euro and the European Response to the Crisis
Talking about the current situation in the Eurozone Governor Nowotny stressed that it was not a crisis of the Euro but a crisis of several member countries of the Eurozone. He pointed out that the Euro fulfilled two main functions of the currency: to serve as a means of payment and as a store of value. Over the last decade, average inflation exactly matched European Central Bank's (ECB) definition of price stability which is below but close to 2%. According to Nowotny the Euro helped to overcome the problem at the European level -- there was no exchange rate volatility, the ECB reacted swiftly and effectively in the aftermath of the crisis, and Europe on the whole proved its solidarity and ability to act by adopting recovery plans, opening a rescue umbrella and moving forward with the reform debate.

Session Faculty

Doug Elliott
Eddy Wymeersch

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