Can the implementation of the EU 2020 strategy assure sustainable growth in global crisis period?

Madzova, Violeta (2012) Can the implementation of the EU 2020 strategy assure sustainable growth in global crisis period? “Financial education and research at universities in Bulgaria, Strategy Europe 2020”, Svishtov, Bulgaria. ISSN 978-954-23-0796-9


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The world’s economic recovery has come to a standstill and shows low levels of confidence, which adversely affecting investment and consumption. This lack of confidence is due to the negative feedback between the sovereign debt crisis and the situation in the financial sector together with a slowdown in the global economy. The impact has been particularly acute in the Euro area. As a result, GDP is likely to stagnate in the coming years and overall growth in the EU is forecast to be as low as 0.6% for 2012. Unemployment levels are likely to remain high at around 10% in 2012 and into 2013, exacerbating the social impact of the crisis. The sustainable growth is very much related with level of employment, poverty reduction, competitiveness trough innovation and education as well as effective use of natural resources. All of these areas are tackled in EU Strategy 2020 criteria and their fulfillments are subject to uncertainty in the current crisis. Namely, the growth prospects of all Member States, whether they are currently in the Euro area or not, depend on dealing decisively with the sovereign debt crisis and demonstrating that the Euro is a stable and strong currency whose members are determined and capable of implementing sound economic policies. Given the risk aversion in financial markets, these issues are not yet settled. In fact, too much political time and energy is being spent on emergency measures and not enough time is being devoted to implementing the policy changes that will bring the EU economies back to higher growth levels. Therefore, it is crucial question to be answered: whether EU Strategy 2020 criteria can be met in the period of debt crisis and if these criteria are well targeted to assure sustainable growth and therefore help EU countries to get out of crisis?

Item Type: Article
Subjects: Social Sciences > Economics and business
Divisions: Faculty of Economics
Depositing User: Violeta Madzova
Date Deposited: 12 Dec 2012 14:54
Last Modified: 12 Dec 2012 14:54

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