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Round Table in Vienna with Dr. Othmar Karas

Dr. Othmar Karas, Vice President of the European Parliament: “New challenges for European financial politics.”

zeb continued its zeb Financial Market Roundtable series with another roundtable event in Vienna. At these events, renowned representatives from politics and financial institutions discuss the latest fiscal issues with a small, selected group of participants from the financial industry. Dr. Othmar Karas, Member of the European Parliament for 20 years now and Vice President of the European Parliament since July of this year as well as longstanding Member of the Committee on Economic and Social Affairs, underlined the importance of maintaining adequacy, appropriateness and proportionality in politics and supervision during his speech in front of board members of Austrian insurance companies.

However, it was difficult to reconcile European interests, national sensitivities, particular interests of individual institutions and political considerations of associations. Dr. Karas called on the decision makers in European politics to not take the easy way out regarding the future European monetary policy. “A successful monetary policy cannot make up for a lacking common Euro budget, an established bank and capital market union, a single economic, budget and structural policy“, added Dr. Karas. The Austrian financial politician also sounded a warning against merely criticizing low interest rates instead of implementing own necessary reforms within the European Union. It was time to intensify the economic, monetary and social union in Europe. This was the only way to guarantee the EU’s international competitiveness in the long run.