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Europe 2020 – A New Framework for New Growth

Author

Listed:
  • Maria Auböck

    () (Austrian Federal Chancellery)

  • Christina Burger

    () (Austrian Federal Ministry of Economy, Family and Youth)

  • Elmar Mangler

    () (Austrian Federal Ministry of Finance)

Abstract

The Europe 2020 strategy, as adopted by the European Council on June 17, 2010, provides the new framework for the EU’s growth and employment policy. Under the new strategy, measures and reforms should be geared toward smart, sustainable and inclusive growth. The design of the new strategy was influenced heavily by the weaknesses of the Lisbon agenda (the predecessor to Europe 2020) and the compounded economic policy challenges arising from the crisis: The definition of quantitative targets at an early stage and transparent monitoring mechanisms will facilitate surveillance of implementation. For the first time, country- specific growth bottlenecks have been identified, in cooperation with the Member States, and these bottlenecks must be addressed with suitable measures. The strategy’s focus on enhancing employment, the knowledge base, competitiveness, energy efficiency and social inclusion have concentrated efforts on the most important supply-side growth factors. The EU’s new economic governance is designed to ensure the efficient coordination of national policies. All of these aspects will have a decisive impact on Austrian economic policy in the coming years.

Suggested Citation

  • Maria Auböck & Christina Burger & Elmar Mangler, 2011. "Europe 2020 – A New Framework for New Growth," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 74-84.
  • Handle: RePEc:onb:oenbmp:y:2011:i:4:b:4
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    File URL: https://www.oenb.at/dam/jcr:78e4aa38-663e-4781-b6fb-fc84a5ed4985/mop_2011_q4_in_focus4_tcm16-245360.pdf
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    References listed on IDEAS

    as
    1. Fritz Breuss, 2005. "Die Zukunft der Lissabon-Strategie," WIFO Working Papers 244, WIFO.
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    More about this item

    Keywords

    Europe 2020; Lisbon strategy; European semester; structural reforms; financial crises;

    JEL classification:

    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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