This Can Still be Europe's Century

Karl Aiginger
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Karl Aiginger: Policy Crossover Center, Vienna University of Economics and Business, Vienna, Austria

International Journal of Business and Economic Affairs (IJBEA), 2017, vol. 2, issue 3, 173-182

Abstract: The European integration process has been a long-run success model. Europe created an area of peacein a formerly con ict-ridden continent and at the same time the largest common Market of the world and a currencyunion for most of its countries. However, Europe has su ered from low dynamics since the nancial crisis, and some ofthe consequences of this are high youth unemployment, the Brexit and the opposition to European solutions for dealingwith migration. The study summarizes and evaluates research documents gathered by 28 European research institutionsusing historical analysis, models, and econometric techniques. One crucial result is that the European integration processhas lost its narrative, and as a result also the enthusiasm of citizens for common solutions as needed for a currencyunion. Consequently, the article develops a new vision for Europe 2050 with seven required game changers. Takingmore responsibility in shaping globalization and in stabilizing its politically unstable neighbourhoods would additionallybe essential to regaining public support, as well as to boosting investment and consumption. The paper is intendedas a contribution to an evidence-based design for Europe and the strategy discussion initiated by the White Paperof the European Commission. Europe still has a narrow window of opportunity for introducing reforms, combatingEuro-scepticism and creating a role model for high well-being and broader societal goals.

Keywords: Reforming Europe; Responsible globalization; Evidence based policy design; Brexit (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:aya:ijbeaa:2017:p:173-182

DOI: 10.24088/IJBEA-2017-23002

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