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Europe's Growth Emergency

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  • Zsolt Darvas

    ()
    (Institute of Economics - Hungarian Academy of Sciences and Bruegel)

  • Jean Pisani-Ferry

    ()
    (Director of Bruegel)

Abstract

Highlights:  The European Union growth agenda has become even more pressing because growth is needed to support public and private sector deleveraging, reduce the fragility of the banking sector, counter the falling behind of southern European countries and prove that Europe is still a worthwhile place to invest.  The crisis has had a similar impact on most European countries and the US: a persistent drop in output level and a growth slowdown. This contrasts sharply with the experience of the emerging countries of Asia and Latin America.  Productivity improvement was immediate in the US, but Europe hoarded labour and productivity improvements were in general delayed. Southern European countries have hardly adjusted so far.  There is a negative feedback loop between the crisis and growth, and without effective solutions to deal with the crisis, growth is unlikely to resume. National and EU-level policies should aim to foster reforms and adjustment and should not risk medium-term objectives under the pressure of events. A more hands-on approach, including industrial policies, should be considered.

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Bibliographic Info

Paper provided by Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences in its series IEHAS Discussion Papers with number 1144.

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Length: 34 pages
Date of creation: Dec 2011
Date of revision:
Handle: RePEc:has:discpr:1144

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Keywords: economic growth; deleveraging; productivity; convergence; economic adjustment; structural reform scoreboard; composition of fiscal adjustments; growth policy under constraints;

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References

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  1. Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "A Decade of Debt," Peterson Institute Press: All Books, Peterson Institute for International Economics, Peterson Institute for International Economics, number 6222, July.
  2. André Sapir & Jean Pisani-Ferry, 2010. "Whither Growth in Central and Eastern Europe ?Policy Lessons for an Integrated Europe," ULB Institutional Repository 2013/174279, ULB -- Universite Libre de Bruxelles.
  3. Carmen M. & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," Working Paper Series, Peterson Institute for International Economics WP11-10, Peterson Institute for International Economics.
  4. Karl BRENKE & Ulf RINNE & Klaus F. ZIMMERMANN, 2013. "Short-time work: The German answer to the Great Recession," International Labour Review, International Labour Organization, International Labour Organization, vol. 152(2), pages 287-305, 06.
  5. André Sapir & Jean Pisani-Ferry & Zsolt Darvas, 2011. "A comprehensive approach to the euro-area debt crisis," Policy Briefs 491, Bruegel.
  6. Benedicta Marzinotto, 2011. "A European fund for economic revival in crisis countries," Policy Contributions, Bruegel 504, Bruegel.
  7. Reinhart, Carmen & Kirkegaard, Jacob & Sbrancia, Belen, 2011. "Financial repression redux," MPRA Paper 31641, University Library of Munich, Germany.
  8. Sapir, Andre & Aghion, Philippe & Bertola, Giuseppe & Hellwig, Martin & Pisani-Ferry, Jean & Rosati, Dariusz & Vinals, Jose & Wallace, Helen, 2004. "An Agenda for a Growing Europe: The Sapir Report," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780199271498, October.
  9. Benedicta Marzinotto & Guntram B. Wolff & Mark Hallerberg, 2011. "How effective and legitimate is the European semester? Increasing role of the European parliament," Working Papers, Bruegel 612, Bruegel.
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Cited by:
  1. Judit Karsai, 2012. "Development of the Hungarian Venture Capital and Private Equity Industry over the Past Two Decades," IEHAS Discussion Papers, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences 1201, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  2. Alan Ahearne & Guntram B. Wolff, 2012. "The debt challenge in Europe," Working Papers, Bruegel 686, Bruegel.
  3. Zsolt Darvas, 2012. "Intra-euro rebalancing is inevitable but insufficient," Policy Contributions, Bruegel 747, Bruegel.
  4. Spencer, Thomas & Lucas, Chancel & Emmanuel, Guerin, 2012. "Exiting the crisis in the right direction: A sustainable and shared prosperity plan for Europe," MPRA Paper 38802, University Library of Munich, Germany.

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