Europe 2020 Strategy and European Recovery (Strategia Europa 2020 I Europejska Odbudowa)

Problemy Ekorozwoju - Problems of Sustainable Development, Vol. 6, No. 2, pp. 11-18, 2011

8 Pages Posted: 7 Dec 2011

See all articles by Erich Hoedl

Erich Hoedl

European Academy of Science and Arts

Date Written: June 1, 2011

Abstract

European Recovery and a turn into a 'new economy' in Europe are hampered by the Washington Consensus and the large disparities between the Member States. Europe 2020 Strategy neglects both dimensions and continuous to apply the basic principles of economic policy of the Lisbon Strategy. Emerging global multi-polarity need a loosening from the dollar-dominated financial markets and a priority for strengthening the real economy in Europe. Instead of financial help packages the public financial expenditures should be addressed to the seven flagship initiatives of the Europe 2020 Strategy, which can level-off existing economic disparities. For this, the Currency Union needs to be complemented by a fiscal policy going far beyond the stronger economic governance proposed by Europe 2020. Europe has to raise a financial transaction tax and to allocate it by a system of fiscal federalism partly to economically weaker Member States. Installing legally more elements of a 'transfer union' would strengthen European competitiveness.

Keywords: Europe 2020, fiscal policy, financial transaction tax, transfer union, inclusive growth

JEL Classification: O13, Q20, Q32, Q41, R11, M14

Suggested Citation

Hoedl, Erich, Europe 2020 Strategy and European Recovery (Strategia Europa 2020 I Europejska Odbudowa) (June 1, 2011). Problemy Ekorozwoju - Problems of Sustainable Development, Vol. 6, No. 2, pp. 11-18, 2011. Available at SSRN: https://ssrn.com/abstract=1966963

Erich Hoedl (Contact Author)

European Academy of Science and Arts ( email )

Fleischmarkt 22/63
Vienna,, A-1010
Austria

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