Alexey Kuznetsov, a corresponding member of the RAS, head of the Center for European Studies of the Institute for World Economy and International Relations of the RAS and a professor of MGIMO, Olga Butorina, Chief Scientist of the Institute of Europe of the RAS and a professor of MGIMO, Jolt Darvas, an expert of the Brueghel Research Center, have discussed recession of the euro zone, unemployment and the debt crisis of Europe at a Moscow-Brussels video conference in RIA Novosti.
Butorina emphasized that the crisis of Europe was a problem of modernization. New leaders of Asian states entered the world market. Europe is undergoing de-industrialization, its export structure favoures services. The only solution for Europe is modernization of economy, the expert believes.
The scientist predicts the end of recession in late 2014. She expressed surprise that the Central Bank of Europe had reduced the refinancing rate in May. Restoration of the inter-bank market would end the crisis in 2015.
Darvas noted the role of migration in the process, emphasizing that it caused unemployment. He said that reduction of the living standards will augment extremist parties all over the EU.
Kuznetsov focused attention on the impact of European problems on Russia. He reminded that the EU was still the main partner of Russia, despite increase of exports to China. He blames Russia for such dependence. The expert is skeptical about stagnation of Europe and assumes that it can only happen in certain parts of the continent.
