Brussels, 12/01/2004 (Agence Europe) - The Liberal group at the European Parliament, chaired by Graham Watson, held a conference last week on revitalising European growth, attended by the Governor of the Polish central bank, Leszek Balcerowicz, who highlighted the need for the structural reforms set out in the Lisbon Process to be pursued with greater determination. This was also stressed by Graham Watson, adding that in the face of the disappointing events of 2003, credible economic discipline has to be developed in the eurozone that is less vulnerable to political abuse. On the Stability Pact and the suspension of the penalties against Germany and France for their excess budgets, European Commissioner Frits Bolkestein used the word “debacle”. In a press release, Bolkestein said that the EU's economy is ill and the current economic situation is no better than in 2000. Fintje Moerman, Belgian economics minister (and former official of the Liberal group at the European Parliament, Ed.), also called fro the Stability Pact to be respected and for structural reforms to continue, noting they were vital but often painful.