tailieunhanh - COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS

The key driver of the Financial Crisis of 2007–2008 is the interplay of the following six forces, each of which can be linked to the misperception, misunderstanding, and the active hiding of the risks of consequential but low probability events (“Black Swans”) by those that stood to benefit from the obscuring of consequential risk. Other diagnoses, for example those of the Financial Crisis Inquiry Commission, focus more on epiphenomenal aspects of the crisis such as excessive borrowing, risky investments, opacity of markets, or failures of corporate governance. The immediate precursor to the Crisis was the collapse of the se- curitized residential. | EUROPEAN COMMISSION Brussels COM 2011 500 final PART I COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT THE COUNCIL THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS A Budget for Europe 2020 SEC 2011 867 final sEc 2011 868 final EN EN Foreword The European Union works everyday to help realise the aspirations of our 500 million people. I believe it can be a force for the renewal of the highly competitive social market economy in Europe and globally. To do this we need a budget that is innovative. A budget that is attuned to the new realities of globalisation. A budget that responds to today s challenges and creates opportunities for tomorrow. This is an innovative budget. I invite you to look beyond the traditional headings and focus on how throughout the budget we will deliver the Europe 2020 goals that we have collectively defined. That is why we break from the culture of entitlement where some public authorities expect to spend funds as they wish. Now every request must be clearly linked to the goals and priorities that we have commonly agreed. That is how every euro spent will be a multi-purpose euro. A euro can strengthen cohesion boost energy efficiency and the fight against climate change and promote social targets increase employment and reduce poverty at the same time. It can have a major leverage effect in many areas. All across Europe governments businesses and families are choosing carefully where to spend their money. It is a time to think carefully about where to cut back and where to invest for the future. We need to be rigorous and at the same time we also need investment for growth in Europe. The European Union must also live within its means while investing for the future. We have a relatively small budget of only around 1 of Europe s wealth measured by GNI which represents one fiftieth of the budgets of Member States. But we must make a big impact with it and use every single euro to its full .