Opening this seminar, I would like to convey to you five messages regarding the reflection on the policy and governance framework required to ensure prosperity in Europe. The first message is that, most of the time, the European response during the crisis has been reactive, delayed and built from national perceptions of the problems faced by the Union and, in particular, the euro area.
Economic activity reportedly grew 2 percent in the first quarter, and based on economic data  - 10 through early July, the Atlanta Fed’s GDP projection suggests growth was a touch higher in the second quarter. Recent Institute for Supply Management surveys suggest some continued slowing in the manufacturing sector, but activity outside that sector is still growing at a solid pace.