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Working Group European Integration * The EU needs a new Economic ...

Source: www.feslondon.org.uk
Topic: Economic Policy

Sort Desciption: stability is also to support general economic policy. with a view to achieving the goals of .... defining the economic policy. Obviously decisions on ...

Content Inside: Internationale Politikanalyse Europische Politik January 2006 Working Group European Integration * The EU needs a new Economic Policy! Kick off to the Debate Criticism and Recommendations I. For decades the prevailing economic policy in Europe has followed an orthodox-liberal credo. It boils down to this: more competition brings more innovation growth and employment. II. But the reality is different: decades of liberaliza- tion have been accompanied by sinking growth rates of GDP and of macro-economic productiv- ity combined with high unemployment and even higher under-employment. On the one hand the increase in unemployment in recent years has been curbed by a slow-down in the progress of productivity induced by labour mar- ket policy. On the other hand the progress in productivity of businesses was often achieved by a cut in employment. To put it bluntly the pre- vailing economic policy in the European Union has done little for employment and has contrib- uted instead a lot to un- and under-employ- ment. III. The attempt to transfer the business worlds concept of competitiveness to the overall econ- omy leads to erroneous political recommenda- tions not only in the area of salaries but often also in the areas of labour market education and innovation policy. The structural policies fol- lowed in these areas cannot produce the de- sired results in growth and employment without a balanced macro-economic policy. IV. The EU creates the framework for the member states employment and growth policies in par- ticular through the ECBs monetary policy the deficit criteria the internal market and competi- tion rules and the priority of competitiveness as has recently been again stressed in the Lisbon strategy. This framework has not produced the The Working Group European Integration was founded in 1995. Its members work in EU institutions federal ministries research institutions and non-governmental organizations. desired results in the areas of growth ...

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