Europe’s economic outlook has never been scrutinised as much as in recent times. With the volatility of the international markets driven by political tensions and uncertainties, how can Europe weather yet another possible economic downturn – or is the recession already here?
On Monday 10 October, a team of academics at Berlin School of Business and Innovation (BSBI) met to discuss ‘The Future of Europe – Geopolitical and Economic Perspectives’, sharing their expertise, opinions and ideas on the impact of the ever-shifting geopolitical situation surrounding Europe’s economy.
The event, hosted by Professor Dr Kyriakos Kouveliotis, Provost and Chief Academic Officer at BSBI, saw the participation of experts different from backgrounds such as business and cybernetics, tourism and technology, finance and human resource management.
Professor Kouveliotis said: “European integration has started as a form of a revolution but inevitably it became a rigid system. It was created to stop wars in Europe and bring prosperity to citizens. It definitely succeeded in these two goals, but now with all these new challenges, it needs to rediscover itself. We need to move one step back in order to walk two steps forward. We also need to teach younger generations how many great things that we currently enjoy in Europe, and we take for granted, are still difficult for other people.”
Flavio Andrew do Nascimento Santos, Lecturer for BSBI programmes in Tourism, Marketing and Business also shared his insights during the event. “It is always a challenge to forecast the future, and, even more, the future of Europe. Individually we can’t offer suggestions for the future of a whole continent, but collectively, the nuances of respectful disagreement maybe offer better solutions for Europe.
“From the consumer’s point of view, research and other scientific experts are indicating that ‘we should see ourselves more than as consumers but as citizens’. Because only with this path will it be possible to guarantee better conditions for consumers, such as punishment of unfair practices of the market or frauds, and protection of our rights for the future of Europe and connect with the other aspects of society. Finally, the solutions would come with more collective participation from the countries and the society to make it safe in the future for all consumers in Europe for consumption. “
For Lecturer Moustafa Gaballa, who holds a master’s degree in Hospitality, Tourism and Event Management from BSBI, the focus should be on tourism and diverse cultural backgrounds. “Multiculturalism in general, and immigration in particular, will affect the future of Europe. In addition, we cannot ignore the significant role and the important meaning of tourism to all destinations; specifically, Europe as the world´s number one tourist destination. One of the important findings from the roundtable was making individuals more mindful about the current situation which draws the future of Europe.”
With a background in human resources, research and training, BSBI Lecturer Dr Palanivel Rathinasabapathi Velmurugan, said during the event: “The geopolitical and economic situation in Europe was discussed in our conversation, as well as consumer issues, tourism, immigration, and financial contributions. In the European economy, there is a high level of risk and uncertainty because of the bottleneck supply chain and the financial crisis. Investors are better to invest in debt finance like sovereign bonds (which are less risky than stock market investments) or alternative investments like residential real estate, commodity markets, etc. The European economies are currently experiencing problems, but they will gradually recover over time.”
The second “Provost’s Roundtable” was a wonderful initiative for students to follow up on the most current and contemporary issues. The panellists worked together to inform attendees about, firstly, how the future of Europe, with the wise management of the European Union, results in the continuation of the strength of Europe and secondly, the manner of prosperity of the future of Europe in general and the future of tourism in particular.
The event took was streamed live on BSBI’s YouTube channel.