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Europe 2020: a new economic strategy

Europe is currently emerging from the most devastating financial and economic crisis seen on the continent since the 1920s.The slump that hit the world in 2008 wiped out 20 years of progress, leaving few untouched.

Some 7 million workers lost their jobs within an 8-month period, bringing the number of unemployed up to 23 million. The number of house repossessions increased as homeowners were unable to meet mortgage repayments; businesses went bankrupt and banks around the world had to be bailed out by governments.

At the beginning of 2010, public deficits reached 7% of GDP and debt levels increased to over 80%, even though the run-up to the crisis had been marked by a growing economy and higher standard of living in much of the EU. Between 2000 and 2008 progress was evident not only on balance sheets, but also in homes and offices – GDP per capita increased by 13.5% and unemployment fell to 7%.

Smart, sustainable and inclusive growth

The recession exposed weaknesses in the European approach, as well as its strengths. It demonstrated that European economies are highly interdependent and that we sink or swim together. Even before the crisis, Europe was facing challenges which have now become more pressing: globalisation, a shrinking labour supply and growing number of people claiming their pension, and pressure on energy and resources.

Europe has no alternative to changing course, to embracing new ideas while building on the continent's numerous strengths. Failure to do so will see the Europe of 2020 lagging behind its competitors, and quality of life falling as economic growth slows and the workforce is depleted by an ageing population.

The Commission's proposal on a new strategy follows a public consultation that attracted some 1 500 comments. The strategy builds on what has been achieved and the lessons learned. The first priority must be to hasten the exit from the crisis, but the strategy must also provide the building blocks for growth that will be sustainable in the future. Europe is recognised the world over for its high quality of life, underpinned by a unique social model. The strategy should ensure that these benefits are sustained and even further enhanced, while employment, productivity and social cohesion are optimised.

Three areas for action

Europe 2020 will focus on a trio of interlinked priorities: growth from knowledge, creating an inclusive society, and building a greener economy that is competitive at international level.

New sources for new growth

Europe does not have to compete with emerging economies by lowering its labour costs or reducing social protection. Instead, the key to competitiveness today and in the future is creating an economy in which knowledge and innovation are the primary tools, in which growth stems from European brains rather than brawn or materials. This requires more investment in R&D and measures to ensure that research results are transformed into innovative products and services.

For the knowledge economy to work, encouraging more young people into higher education, making sure that everyone has access to training throughout their career and investing in universities is paramount.Widening access to high speed internet will also introduce more people and businesses to resources, services and products that can enhance life.

Reaching out for a sustainable society

If Europe is to compete with the likes of China and India, its workforce must be large and multi-skilled. This means getting as many people as possible into the workforce and establishing the flexibility that makes this possible. This flexibility includes job-friendly tax systems.Staying ahead of the competition means anticipating which skills will be needed in the future. Once identified, the needs can be met by encouraging lifelong learning – training and learning throughout a person's career. Youth unemployment and getting onto a career ladder can be tackled through apprenticeships or training in skills for a first job. Measures to reduce poverty will also ensure that everyone reaps the rewards from Europe's economic success.

Going green for a competitive economy

Adapting the economy so that progress does not come at the expense of the environment is not only essential to long-term sustainability and quality of life. It also offers opportunities for new jobs, requiring new skills. Europe has the chance to be a leader here, becoming the reference point for expertise in green technologies.

Environmentally sustainable economic growth can be measured by increased productivity, matched by a reduction in emissions so as to fight climate change, and an increase in the proportion of energy coming from renewable sources.The strategy will be discussed and approved by the EU's heads of state and government at the end of March and rolling out will begin after they meet again in June to agree on a few remaining points.

Specific agendas will underpin the growth plan, such as a new innovation policy, a stronger industrial policy and an agenda for new jobs. To be implemented, these agendas will require common actions from both the Member States and the EU. At the same time, key EU instruments such as its single market, industrial policy and external economic agenda are to be enhanced so that they help Europe deliver on its 2020 objectives.

Common and national targets, tailored to individual circumstances, will be set and each national and regional authority will be expected to progressively introduce the reforms needed to hit those targets. If the strategy is to be a success, the EU, each Member State, each of their regions and every European citizen must play their part.

Sursa: http://www.actmedia.eu

Tags: europe growth economy strategy economic their

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