European Growth and Jobs Monitor 2009: Autumn Update

Twice a year, Allianz and the Lisbon Council measure progress on the so-called Lisbon Strategy, Europe’s growth and jobs agenda, in The European Growth and Jobs Monitor. In the Spring, we examine how individual countries are faring with the Lisbon Strategy, and rank them based on a composite index made up of six key sub-indicators (Economic Growth, Productivity, Jobs, Human Capital Development, Future-Oriented Investment and Sustainable Public Finances). In the autumn update, we shift the focus, looking briefly at overall progress towards the Lisbon goals in the EU-15 and focusing on the economic outlook for the coming year.

In the aftermath of the economic crisis, economic policy in Europe faces a twofold challenge. One is to get medium-term growth for the European economy back on track by fostering competitiveness, innovation and knowledge-based capacities, as was the goal of the original Lisbon agenda. The other challenge is to remove the strong monetary and fiscal stimulus from 2010 onwards and to start consolidating the public budget deficits that have ballooned in the crisis, without disrupting the recovery. The skill with which we meet these twin challenges will determine European prosperity for years to come.

 

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