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Lisbon II - Opportunities for Europe

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Two important initiatives are on this year’s political agenda: the revitalization of the Lisbon Strategy and the reform of the Stability and Growth Pact. Fiscal policies in line with stability are easier to implement in a strong economy, and both issues are important in determining the international role of the euro.

, May 11, 2005

It is crucial that the Lisbon objectives be implemented, in order to prepare Europe's economy for the future. The progress made towards meeting these goals can be promptly measured using our Lisbon Indicator. At present, the indicator is returning disappointing results, suggesting that much work remains to be done. Realization of the Lisbon agenda would also cause Europe to become more unified. Although this closer integration, together with greater economic correlation, would gradually reduce the need for national policies to stabilize the domestic economy, the Stability and Growth Pact remains indispensable, due to the unique structure involving uniform monetary policy in the euro area alongside what are currently 12 national fiscal policies.

Any undermining of the pact could well lead to conflicts with the ECB's monetary policies, something which could ultimately damage the standing of the euro. However, this is not an issue at present. Just the opposite, with regard to the single currency, the following question is being viewed with increasing interest: Aside from our ambition to increase Europe's global economic power with the assistance of the Lisbon strategy, what are the chances of successfully challenging the US dollar's status as the sole global reference currency?

Dr. Ingrid Angermann
Claudia Broyer
Dr. Arne Holzhausen
Dr. Harald Jörg
Jutta Kayser-Tilosen
Wolfgang Leim
David F. Milleker