Are we going to have another crunch wave after a short period of growth? There is no simple answer to those questions today either. Nevertheless we do know much more: even though it is too soon to be optimistic, there are solid grounds to have moderate hope.
A perfect example is the recent of its kind, rating of the 500 biggest companies in Central Europe prepared by “Rzeczpospolita” and Delloite. The biggest businesses in the region have come out of the crisis nearly intact. There were no giant bankruptcies nor grand take overs. Nonetheless as years go by it is more apparent that the economy that was once beset by the communist regime competes ever braver with companies in the west of the continent.
It seems that the most important sign of an improvement in the economic situation is the radical growth in Germany. The GDP growth which is estimated at 3% at the end of the year leaves no doubt that the worst is behind. It is worth noting that other countries in Central and Eastern Europe are also doing better at the moment, and despite the fast increasing debt and lack of substantial reforms of the system, Poland's economy is still growing faster than the European Union's average.
The situation in Hungary is also promising. The country was in a deep recession, and the word ‘bankruptcy’ was increasingly used by market analysts. Today, the reform plan of the new government seems to be a brave response to the illness, it's key elements being creativity and competency of individuals. If the Hungarians managed to lower taxes and increase budget income, it would be new evidence for the effectiveness of free market and capitalism, and faith in that is what we need more than ever before.
The present forum has special meaning for another reason. It will be the first forum taking place after the adoption of the Lisbon treaty by the EU countries. It is interesting to find out what that really means for Europe's economic and foreign policy. Has it contributed to greater integrity and better cooperation?
