Conference focuses on the growth and resilience of economies in the region

The Croatian National Bank and the International Monetary Fund is hosting a two-day conference in Dubrovnik, examining the growth and resilience of Central, Eastern, and Southeastern European economies. 

The event brought together top officials from international institutions, banks, and governments. Their message was clear: despite global challenges, Europe has major opportunities - if it acts with unity on the world stage.

Croatian National Bank Governor Boris Vujčić pointed out that the conference is addressing the challenges of new geopolitical conditions and a fragmented world, as well as the opportunities for Europe, especially for the countries of Central, Eastern and Southeastern Europe.

“It’s a good thing that the conference is being held here in Dubrovnik, which is an example of how a small economy has coped with a fragmented world for hundreds of years, between the great powers of the Ottoman Empire and Venice, by establishing good trade relations with everyone and ensuring access to all markets, and it was based on good standards, the rule of law and openness. These are principles from the past that teach us for the present, and we must insist on them as Europe, especially the small open economies of Central, Eastern and Southeastern Europe. Our opportunity for growth lies in openness and a system based on rules, standards and multilateral cooperation,” said Vujčić.

Debora Revoltella, the director of the Economics Department of the European Investment Bank said Europe was still grappling with internal issues, such as the lack of a true single market, which would significantly strengthen its influence in the world.

"Particularly on the trade side, we see that there is friction in the market. We asked firms if they exported to another country in the EU, did they face barriers at the European level and 60 percent of firms said yes and that should be zero," Revoltella said.

European Commissioner for Economy Valdis Dombrovskis spoke about challenges to European competitiveness.

"We have been struggling for decades with relatively slow productivity growth. So, one thing we need to do is to close the innovation gap as other major economies, relative to the size of economy, are investing more into research and development, so we have some catching up to do,” said Dombrovskis.

Slovenia’s Finance Minister Klemen Boštjančić said the EU needed to move faster to get things done.

"Given our situation, I think that it is even more evident that European processes take too long, processes like decision making, adopting new strategies, and then implementing those strategies,” said Boštijančić.