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The Economic Future of Europe

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Author Info
Olivier Blanchard

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Abstract

After three years of near stagnation, the mood in Europe is definitely gloomy. Many doubt that the European model has a future. In this paper, I argue that things are not so bad, and there is room for optimism. Over the last thirty years, productivity growth has been much faster in Europe than in the United States. Productivity levels are roughly similar today in the European Union and in the United States. The main difference is that Europe has used some of the increase in productivity to increase leisure rather than income, while the United States has done the opposite. Still not everything is well. Unemployment is still high, and Europe suffers from inefficient regulation. Here also however, there is more action than often perceived, and a wide ranging reform process is taking place. This process is driven by reforms in financial and product markets. Reforms in those markets are in turn putting pressure for reform in the labor market. Reform in the labor market is slowly taking place, but not without political tensions. These tensions dominate the news; but they are a symptom of change, not a reflection of immobility.

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Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 18 (2004)
Issue (Month): 4 (Fall)
Pages: 3-26
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Handle: RePEc:aea:jecper:v:18:y:2004:i:4:p:3-26

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Alberto Alesina & Roberto Perotti, 2004. "The European Union: A Politically Incorrect View," NBER Working Papers 10342, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Giuseppe Nicoletti & Andrea Bassanini & Ekkehard Ernst & Sébastien Jean & Paulo Santiago & Paul Swaim, 2001. "Product and Labour Markets Interactions in OECD Countries," OECD Economics Department Working Papers 312, OECD Economics Department. [Downloadable!]
  3. Bertrand, M. & Kramarz, F., 2001. "Does Entry Regulation Hinder Job Creation ? Evidence from the French Retail Industry," Papers 2001-12, Institut National de la Statistique et des Etudes Economiques-.
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  4. Gersbach, Hans, 2003. "Structural Reforms and the Macroeconomy: The Role of General Equilibrium Effects," CEPR Discussion Papers 4043, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  5. Saint-Paul, G., 1993. "On the Political Economy of Labor Market Flexibility," DELTA Working Papers 93-02, DELTA (Ecole normale supérieure).
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  6. Isabelle Joumard, 2001. "Tax Systems in European Union Countries," OECD Economics Department Working Papers 301, OECD Economics Department. [Downloadable!]
  7. Stephen Nickell, 2003. "Employment and Taxes," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
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  8. Edward C. Prescott, 2003. "Why do Americans work so much more than Europeans?," Staff Report 321, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  9. Olivier Blanchard & Francesco Giavazzi, 2003. "Macroeconomic Effects Of Regulation And Deregulation In Goods And Labor Markets," The Quarterly Journal of Economics, MIT Press, vol. 118(3), pages 879-907, August. [Downloadable!] (restricted)
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  10. Monique Ebell & Christian Haefke, 2002. "Product Market Deregulation and Labor Market Outcomes," Economics Working Papers 726, Department of Economics and Business, Universitat Pompeu Fabra, revised Dec 2003. [Downloadable!]
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  11. Robert J. Gordon, 2004. "Two Centuries of Economic Growth: Europe Chasing the American Frontier," NBER Working Papers 10662, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. Giuseppe Nicoletti & Stefano Scarpetta & Olivier Boylaud, 2000. "Summary Indicators of Product Market Regulation with an Extension to Employment Protection Legislation," OECD Economics Department Working Papers 226, OECD Economics Department. [Downloadable!]
  13. Sébastien Jean & Giuseppe Nicoletti, 2002. "Product Market Regulation and Wage Premia in Europe and North America: An Empirical Investigation," OECD Economics Department Working Papers 318, OECD Economics Department. [Downloadable!]
  14. Horst Siebert, 2003. "Why Germany Has Such a Weak Growth Performance," Kiel Working Papers 1182, Kiel Institute for the World Economy. [Downloadable!]
  15. Susanto Basu & John G. Fernald & Nicholas Oulton & Sylaja Srinivasan, 2003. "The Case of the Missing Productivty Growth: Or, Does Information Technology Explain why Productivity Accelerated in the US but not the UK?," NBER Working Papers 10010, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  16. C.J. Krizan & John Haltiwanger & Lucia Foster, 2002. "The Link Between Aggregate and Micro Productivity Growth: Evidence from Retail Trade," Working Papers 02-18, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
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  17. Olivier Boylaud, 2000. "Regulatory Reform in Road Freight and Retail Distribution," OECD Economics Department Working Papers 255, OECD Economics Department. [Downloadable!]
  18. Danthine, Jean-Pierre & Giavazzi, Francesco & von Thadden, Ernst-Ludwig, 2000. "European Financial Markets After EMU: A First Assessment," CEPR Discussion Papers 2413, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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