Wharton club's conference explores business in Europe

Conference organizersConference organizersintended to spurConference organizersintended to spurdiscussion about newConference organizersintended to spurdiscussion about newopportunties for U.S.Conference organizersintended to spurdiscussion about newopportunties for U.S.companies abroad. The University's emphasis on diversity and internationalism was bolstered by a conference sponsored last week by the Wharton School's European Club. About 100 students and business executives attended the "Europe: The New Old World" conference at the Pennsylvania Convention Center. "There's no question that Philadelphia has some unique links with Europe," said Stephen Mullin, Philadelphia's director of commerce, in his opening address. He cited examples of the 475 European-owned companies Philadelphia hosts. After explaining some of Philadelphia's international trade objectives, Mullin said he looked forward to listening to "lots of good thinkology." Conference organizers hoped to spur discussion of business in Europe, examining European economics and new opportunities for U.S. corporations abroad. Speeches and panel discussions by European businessmen kept participants busy throughout the day. Wharton professors moderated each of the three panels. The program's keynote speaker, Martin Baily, discussed international ventures by McKinsey and Co., a consulting firm for which he is a principal. He formerly served as an economic advisor to President Clinton. McKinsey's Global Institute researches international business. "You'll see a couple of Nobel Prize winners" on the Institute's staff, Baily said. "You'll [also] see a number that The New York Times has tipped as future Nobel Prize winners. "U.S. companies tend to use their capital well," he added. "American companies tend to be more efficient than those in Japan or those in Europe." Baily offered his own analysis of global competition. "It's the pressure of competition. This is the logic your mom used to tell you," he said. "If you want to become a good tennis player, you have to play other good tennis players." The conference's first panel addressed the topic of "Emerging Markets in Central and Eastern Europe." Speakers included Ukranian Embassy Trade Attache Volodymyr Hrebet, Deputy Director of AT&T; Ventures Edward Jesteadt and Privatization Partners Managing Director Geoffrey Berlin. President and CEO of Case Group Jean-Pierre Rosso also sat on the panel. "I do have an MBA from Wharton, the number one school in the world," announced Rosso at the beginning of the panel. Panelists noted that while Eastern European technology is improving, the region still lags behind the U.S. on an organizational level. The fragmentation of the area, with new states springing up frequently, makes it difficult to conduct business there, panelists said. Another panel addressed the pending move to a common European currency. Members included European Commission Delegate to the U.S. Werner Schule, keynote speaker Baily and former Governor of the Central Bank of Turkey Bulent Gultekin. Most panelists hailed the unified currency, saying it would ease intra-European business transactions and boost European competitiveness against the U.S. But Gultekin dissented, calling the decision politically, not economically, motivated. He said the costs associated with the change could offset any benefits. The student members of the Wharton European Club organized the entire conference. Closing the program, Wharton Undergraduate Dean Bruce Allen especially praised second-year Wharton graduate student Amanda Neff, the club's president. "My focus should not be on the closing of the conference, but on the opening of the windows of opportunity," he said. "Let us not forget the old, but let us dedicate ourselves to the new." College freshman Jennifer Weldon, a member of Awareness of International Markets, a Wharton club that sent many delegates to the conference, also complimented the organizers. "The exposure you get to information you wouldn't normally get is important, whether you're in the College or Wharton," she said.