Slovak News Back to the news
Schmognerova: Capitalism Has to Undergo Changes
Tuesday 17 November 2009 Zoom in | Print page
Bratislava, November 17 (TASR) - Capitalism is an economic model that is to a large extent responsible for the economic crisis so there's a need to make changes to it, said vice-governor of the European Bank for Reconstruction and Development (EBRD) Brigita Schmognerova in Bratislava on Tuesday.
Speaking at a two-day international conference dedicated to the fall of Communism and organised by the Central-European Forum, Schmognerova stressed that if no changes are made, a much bigger crisis than the ongoing one could break out in 2012.
According to Schmognerova, the main pillars of the transformation process that has been taking place in Slovakia since 1989 - privatisation, liberalisation and stabilisation - have been somewhat dented as there has been a slight turn away from the three principles.
As an example of a slight shift away from market liberalisation in Slovakia, Schmognerova pointed to the recently-approved law that applies to so-called strategic enterprises.
British political analyst Mary Kaldor stressed during the discussion that she sees the roots of the current economic crisis in the global deficit in democracy. "I think that the financial crisis is a symptom of the democratic crisis," she said.
All rights reserved. Any publishing or further dissemination of press releases and photographs from TASR's resources without TASR's prior written approval constitutes a violation of the Copyrights Act.
