The World Economic Forum on Europe 2010 has closed in Brussels. Over 400 leaders from over 40 countries participated in the meeting, which was held under the theme "Renewed Leadership, New Vision". The recent sovereign debt crisis and the unprecedented rescue package announced Monday 10 May exposed the fault lines in the Eurozone and “blew holes” in the complacent view that Europe is okay. The events of the past week forced policy-makers, politicians and citizens to a crossroads, where there is no choice but to face up to the tough challenges Europe needs to overcome to get back on a growth trajectory. Leaders from both “old” and new Europe agreed at the World Economic Forum on Europe’s closing plenary that the only way forward is reform, which will involve tough, unpopular choices for politicians and citizens.

Zoran Puljić was announced as the “Social Entrepreneur of the Year” in Central and Eastern Europe at the World Economic Forum on Europe meeting. He received the official recognition from the Chair of the Foundation, Hilde Schwab, during a meeting with leading social entrepreneurs from across Europe, gathered in Brussels. Social entrepreneurs emphasize long-term sustainability instead of short-term gains. Their primary focus is to maximize benefits for society and the environment by implementing innovative approaches to key challenges. They operate social businesses or organizations that are a mixture of non-profits and for-profits in areas such as energy efficiency, education, waste management, health, education, youth and rural development.

Europe’s historic decision to provide an unprecedented rescue package to combat Europe’s sovereign debt crisis will “reinforce the euro in the face of recent systemic challenges to the Eurozone and Europe,” predicted Olli Rehn, Commissioner, Economic and Monetary Affairs, European Commission, Brussels. He assured participants that closer monitoring of government finances and more rigorous enforcement of the deficit criteria will remain at the core of the internal surveillance mechanism of the euro area.

In less than 48 hours, Europe took “a historic decision” to provide an unprecedented rescue package in an effort to combat the debt crisis that has swept across Europe and threatened markets globally. “We have stated that we will do anything to defend the euro. We completed an agreement to respond in a coordinated, fast and effective manner to any difficulties in Member States. Any attempt to weaken the stability of the euro will fail,” said José Manuel Barroso, President, European Commission, Brussels, at the opening plenary of the World Economic Forum on Europe.

The five Co-Chairs of the World Economic Forum on Europe, which opened its meeting in Brussels today, called on the Eurozone’s political leaders to simplify bureaucratic restrictions that reduce Europe’s ability to take advantage of its market potential, and indirectly contribute to the Eurozone’s financial crisis. In a globalized economy, the EU’s complex tax laws and regulations continue to drive investment elsewhere. Politicians within the EU need to synchronize national policies to take advantage of Europe’s expanded market potential. "If the whole of the EU was run as politicians - if you can call them that - run China, they’ve done the most incredible job at developing it into a huge market," said Lord Levene, Chairman of Lloyd’s and Co-Chair of the meeting.