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LYMEC Press releases  The presidents of European Liberal Youth (LYMEC)’s member organisations were gathered in Varna, Bulgaria, from 9 to 12 October. Young liberal leaders were due to discuss the Lisbon Treaty and the response to the Irish no, but following the continuing plunge of stock markets on 10 October, they preferred to interrupt their normal programme in order to formulate a common response to the financial crisis.Reacting to the predictions that this crisis means the end of liberalism, European young liberal leaders stressed that liberalism is not to blame for the current crisis and that socialism is anyway no alternative. If the nationalisation of certain banks appear unavoidable to prevent contagion, these nationalisations shall indeed remain temporary. European young liberal leaders nevertheless underlined the need for global rules in order to manage financial globalisation, noting that national and even EU rules are simply not enough anymore. They agreed that this is the only way that Europe can protect itself from similar contagion effects in the future, and that Member States have too much room for flexibility as regards the implementation of EU rules: further harmonisation is required. Acknowledging that Europe is on the brink of a new economic depression, European young liberal leaders also called for the urgent set-up of a common Eurozone economic policy, on top of the already existing common monetary policy of the ECB, for Europe to be able to respond to such depression with appropriate means. Aloys Rigaut, President of LYMEC, commented: 'We liberals are not anarchists; we know that free market needs good regulation in order to function properly. Those predicting the end of liberalism are in this respect simply disconnected from reality and out of tune: what we need to do is adapting to globalisation'. LYMEC is the youth wing of the European Liberal Democrat and Reform (ELDR) Party. It gathers 59 member organisations in 37 countries. Contact: Majda Zeherovic, LYMEC Press Officer, + 32 2 237 0146 ENDS  Tuesday, October 14, 2008
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