Ms Fubbs chaired the session on the EU economic crises, the impact on South Africa and the region. Mr Davidson presented an understanding of the EU economic crises and raised several questions regarding the impact on South Africa and the region. He indicated that more than likely during the Nineties the EU would have negotiated and developed a monetary policy on a set of rules, but that these rules were not for fiscal union. The current debt crises is therefore a problem and it was clear that the rules of public debt had been broken. No member country would be bailed out by the European Commission, but what about, for example, Greece who would evidently have to be bailed out? He argued that since 5% of overseas funding came from our banks and 28% of our exports went to Europe, South Africa would be impacted. The question remained how?