Is the ‘European Model’ viable in a globalized world?

Francisco Torres () and Annette Bongardt ()

No 20/2007, NIPE Working Papers from NIPE - Universidade do Minho

Abstract: The issue of whether the ‘European model’ is viable in a globalized world raises the question as to what defines and conditions any European model and its competitiveness in the context of globalization and the new economy. For the sake of sustainability of its model but also to sustain support for globalization the European Union (EU) needs to take economic advantage of globalization and the knowledge-based economy. Challenges in a high-cost, high-productivity economy mean that there is a premium on dynamic efficiency gains from the liberalization and reform of markets and an economic and institutional framework that fosters innovation and flexible adjustment. The paper examines how the EU deals with governance issues and political economy factors from this perspective. The EU model, if able to legitimize itself with respect to the European integration process may as well contribute to a legitimate political governance of globalization.

Keywords: Globalization; Liberalization; European regulatory model and economic integration; Preferential trade; Global and European Governance; European Union; Single Market; Lisbon Agenda. (search for similar items in EconPapers)
JEL-codes: F15 F13 F50 (search for similar items in EconPapers)
Date: 2007
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