The speakers and other participants in the fifth EIB Forum, held in Paris on 21 and 22 October, took stock of developments and explored the prospects for the markets following introduction of the euro.
The challenges are considerable. As EIB President, Sir Brian Unwin, stressed in his opening address: "the prime objective of EMU is not simply to create a unified economic and financial market for its own sake, but to use that to promote growth and modernisation within Europe for the benefit of both Europe and the rest of the world". Indeed, an economically strong Europe will both facilitate preparation of the Central and Eastern European Countries for accession to the Union and promote the future development of the Mediterranean Countries associated with the Union under the Barcelona process.
The first day of the Forum, consisting of a macroeconomic discussion with a more political than technical scope, centred on an assessment of Europe's strengths and weaknesses in the drive to modernise its economy, as well as an analysis of the changes in the governance of States and enterprises made necessary by this process.
Speakers on day two, directors of banking and industrial groups, addressed from a more technical point of view developments in the euro area's financial sector, such as the restructuring of banks, cooperation between Europe's stock and bond markets, the emergence of a corporate bond market and the increasing specialisation of financial centres and players.
Highlights of the EIB Forum 1999, which brought together some 400 decision-makers from the worlds of finance, politics, business and the media in both the Union and non-member countries, were the speeches by Mr Pedro Solbes, Commissioner with responsibility for Economic and Monetary Affairs, on the future of the euro area, and by Mr Dominique Strauss-Kahn, French Minister for the Economy, Finance and Industry and Governor of the EIB, on the Bank's contribution to modernising Europe's economy.
The sixth EIB Forum will be held on 19 and 20 October 2000 in Bremen, Germany, on the theme of regional development against the background of enlargement of the European Union.