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Unlike other parts of the world that are experiencing clear signs of economic recovery from the global financial crisis, Europe’s recovery has been unsteady. Economic turmoil in southern Europe is putting pressure on the euro. The Lisbon Treaty’s strategy on improving competitiveness, expiring this year, has failed; and the new Europe 2020 strategy is not promising. Simeon Djankov will explain how, without significant structural reforms like pension reform, Europe may be facing poor economic performance for the long term, which will put further pressure on the euro. Steve Hanke, “father” of the successful Bulgarian currency board, will recommend policies for economic recovery and discuss probable scenarios of how the crisis in Europe will play out.