Discussions at this national roundtable session got underway with the observation that the idea of introducing European public debt securities – or so-called Eurobonds – is not a new one: indeed, it dates back to 1993 when Jacques Delors proposed, albeit in embryonic form, the issuance of European bonds to finance investment in European Community infrastructure.
Three major issues stand out in the list of challenges currently facing the Western world: (1) medium-term trends in the global economy, with special focus on new sources of growth, rebalancing and decoupling; (2) the European debt crisis, its outlook and possible solutions; and (3) green energy as a growth driver.
The Conference discussion focused on the overall international scenario that may emerge after the worst of the economic crisis has passed. A fundamental question arises concerning the nature of the restructure currently in progress. Does it represent a new paradigm for global capitalism or, less ambitiously, is it just a partial reorganization based on more cautious attitudes and expectations?
