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Aftermath of the Great Recession: Challenges of coordinating fiscal consoli dation and growth enhancing innovation policies in Central and Eastern Europe

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  • Erkki Karo
  • Rainer Kattel
  • Ringa Raudla

Abstract

For overcoming the Great Recession, the EU has proposed a strategy that combines austerity-driven fiscal policy and growth enhancing financing through innovation policy supported by fiscal and economic policy surveillance and coordination mechanisms. Based on the analysis of three diverse Central and Eastern European economies – Estonia, Slovenia, and the Czech Republic – we show that this strategy seems to lead to convergence of fiscal and innovation policy practices thereby eroding existing varieties in policy coordination, increasing potential conflicts in policy-making processes, and potentially leading to increasingly de-contextualised fiscal and innovation policies.

Suggested Citation

  • Erkki Karo & Rainer Kattel & Ringa Raudla, 2015. "Aftermath of the Great Recession: Challenges of coordinating fiscal consoli dation and growth enhancing innovation policies in Central and Eastern Europe," The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics 63, TUT Ragnar Nurkse Department of Innovation and Governance.
    • Handle: RePEc:tth:wpaper:63
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