Europe's Growth Challenge
Anders Aslund and Simeon Djankov
Abstract
International surveys recognize that Europeans enjoy the highest quality of life in the world. European society benefits from great equality in income, excellent healthcare and basic education, good infrastructure, and eminent rule of law. But the European Union (EU) faces serious problems. It has entered a period of stagnation. Its GDP in 2015 just about reached its level of 2008—before the eurozone crisis—and it is losing market share in the global economy. Noneconomic threats are also gaining momentum. The conflict in Ukraine has exposed weaknesses in the EU’s foreign policy. The continent ... More
International surveys recognize that Europeans enjoy the highest quality of life in the world. European society benefits from great equality in income, excellent healthcare and basic education, good infrastructure, and eminent rule of law. But the European Union (EU) faces serious problems. It has entered a period of stagnation. Its GDP in 2015 just about reached its level of 2008—before the eurozone crisis—and it is losing market share in the global economy. Noneconomic threats are also gaining momentum. The conflict in Ukraine has exposed weaknesses in the EU’s foreign policy. The continent has been overwhelmed by refugees from North Africa and the Middle East, and the United Kingdom has held a referendum about leaving the EU.
Keywords:
Economic growth,
European Union,
single market,
quality of life,
fiscal policy,
pension reform,
taxation,
regulation,
energy
Bibliographic Information
| Print publication date: 2017 |
Print ISBN-13: 9780190499204 |
| Published to Oxford Scholarship Online: January 2017 |
DOI:10.1093/acprof:oso/9780190499204.001.0001 |
Authors
Affiliations are at time of print publication.
Anders Aslund, author
Senior Fellow, The Atlantic Council, Washington, DC
Simeon Djankov, author
Visiting Fellow, Peterson Institute of International Economics, Washington DC, and Rector, The New Economic School, Moscow, Russia
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