Publications

The growth challenge for Europe and the European Monetary Union

1 October 2014
George Pagoulatos (Professor of European Politics and Economy, Athens University of Economics & Business)


George Pagoulatos contends that in the short term what is needed is a policy mix that first assists fiscal consolidation, economic adjustment and productivity-enhancing structural reforms in the economically weaker
countries and that second, provides for an urgent countercyclical stimulus funded for example by the European Investment Bank (EIB) and assisted by the EU budget and the ECB. This would help to close the investment gap in the euro zone and to restore growth prospects. Pagoulatos argues that it would also be essential to install a fully-fledged banking union to enhance credit conditions. In the long term, he calls for the enactment of the recommendations outlined in the four Presidents report "Towards a Genuine Economic and Monetary Union" and the Commission's "Blueprint for a Deep and Genuine Economic and Monetary Union". He also calls for more steps being done toward a better growth strategy including the completion of the single market in services, the enhancement of energy efficiency and autonomy (via an energy union), the strengthening of EU industrial policy, and better public finances

The growth challenge for Europe and the European Monetary Union