09/10/2008 6:11:26 pm
Speech in Tblisi. The European Resource Bank is an annual conference of free-market think-tanks held in a new country every year. This year it was scheduled for Tblisi, Georgia, and it was pulled off despite the Russian aggression. The energetic New Economic School - Georgia was the main organiser, with several sponsors.

The Prime Minister of Georgia, Lado Gurgenidze, was the first speaker, at the introductory cocktail reception. I was the second, not entirely easy since he had such a fascinating story to tell. The free-market reforms of Georgia are well known, but a new decison is to reduce the "fiscal footprint" - that is, public spending - from 30 % of GDP to 25 % in a few years. That is impressive reform leadership.

I spoke about my book, also related to the need to further liberalise financial markets, after this crisis created by government intervention. I also had the pleasure of starting off by reading a message to the participants from a well-known person to most of them:

"Let me congratulate the organizers of the European Resource Bank for having chosen Georgia as the location for the 2008 event.

Indeed, Georgia has in recent years been a beacon of reform in the spirit argued by the think-tanks participating in the ERB. It has fought corruption, improved democracy and increased economic freedom radically - with great results.

This is a development that must not only be allowed to continue. In fact, it should inspire other countries.

The centre-right think-tanks of the European Resource Bank perform many important tasks, such as inspiring the policy debate in a free-market direction. Pulling off the event in Georgia despite the Russian aggression can also be seen as a commendable defense of freedom.

With my best wishes for a successful conference.

Carl Bildt
Foreign Minister of Sweden"