Europe 2020 – A New Framework for New Growth

Maria Auböck (), Christina Burger () and Elmar Mangler ()
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Maria Auböck: Austrian Federal Chancellery
Christina Burger: Austrian Federal Ministry of Economy, Family and Youth
Elmar Mangler: Austrian Federal Ministry of Finance

Monetary Policy & the Economy, 2011, issue 4, 74–84

Abstract: The Europe 2020 strategy, as adopted by the European Council on June 17, 2010, provides the new framework for the EU’s growth and employment policy. Under the new strategy, measures and reforms should be geared toward smart, sustainable and inclusive growth. The design of the new strategy was influenced heavily by the weaknesses of the Lisbon agenda (the predecessor to Europe 2020) and the compounded economic policy challenges arising from the crisis: The definition of quantitative targets at an early stage and transparent monitoring mechanisms will facilitate surveillance of implementation. For the first time, country- specific growth bottlenecks have been identified, in cooperation with the Member States, and these bottlenecks must be addressed with suitable measures. The strategy’s focus on enhancing employment, the knowledge base, competitiveness, energy efficiency and social inclusion have concentrated efforts on the most important supply-side growth factors. The EU’s new economic governance is designed to ensure the efficient coordination of national policies. All of these aspects will have a decisive impact on Austrian economic policy in the coming years.

Keywords: Europe 2020; Lisbon strategy; European semester; structural reforms; financial crises (search for similar items in EconPapers)
JEL-codes: E61 E65 O52 (search for similar items in EconPapers)
Date: 2011
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