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Fostering a Dynamic and Stable Neighborhood for Europe

Karl Aiginger (Correspondence Author) () and Heinz Handler ()
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Karl Aiginger (Correspondence Author): Vienna University of Economics and Business, AUSTRIA; Policy Crossover Centre: Vienna-Europe, AUSTRIA
Heinz Handler: Policy Crossover Centre: Vienna-Europe, AUSTRIA

Review of Economics & Finance, 2018, vol. 14, 39-54

Abstract: Europe is less dynamic than other areas in the world. The European Union will lose its position as the largest economic region, with the share in world output decreasing to less than 15% in 2050. This article designs a strategy based on which Europe can increase its internal dynamics, connect with its dynamic neighborhood and stabilize its eastern and southern regions. These regions are currently searching for development paths different from those in the US and China. The envisaged strategy learns from past errors, counteracts ¡°my country first calls¡±, balances uneven trade and investment pacts, and prevents land and resource grabbing. A new partnership strategy with neighbors in Eurasia, the Middle East and Africa will enable Europe to overcome its growth fatigue. It could help to reshape globalization and convert the current ¡°ring of fire¡± into a ¡°ring of friends¡±. Then, together with its neighbors, Europe could still be an important economic region in 2050, on par with China and larger than the US plus its neighbors.

Keywords: European Neighborhood Policy; Marshall Plan for Africa; Dependency theory; Migration and education; Stability vs. "Ring of Fire" (search for similar items in EconPapers)
JEL-codes: E02 E61 F13 F42 (search for similar items in EconPapers)
Date: 2018
Note: The authors are grateful for discussions, contributions and technical assistance from Christian Breinschmied, Rainer Brunnauer, Jesus Crespo Cuaresma, Dagmar Guttmann, Cornelius Hirsch, Anna Kanduth, Michael Landesmann, Irene Langer, Peter Mayerhofer, Atanas Pekanov, Alina Pohl, Franz Sinabell, Gunther Tichy, and Fabian Unterlass. Of course, responsibility for the outcome lies solely with the authors.
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