In the wake of the Great Recession, Europe's economy has stagnated to a considerable degree-greater even than that of the United States. Forecasts suggest an abysmal annual growth rate of about one percent over the next five years, and it now appears that Europe's enviable structural features, that is, their superior social safety net, leading educational facilities, and outstanding infrastructure will be in jeopardy if higher levels of growth cannot be achieved in the mid- to long-term. Several European countries have sought to stimulate growth through monetary or fiscal means, but in the view of some economists, this focus on the demand side ignores the need to address supply issues. In Europe's Growth Challenge, Anders Aslund and Simeon Djankov show how countries in Central and Eastern Europe have recently adopted economic policies that could prove useful in expanding business and economic activity in Western and Southern Europe. These include reducing the financial role of the state, adjusting tax systems, improving the environment for startups, and easing controls over labor markets and migration policies. The Netherlands, they note, has already introduced humane pension reforms that could be adopted more broadly on the continent. The authors also outline how sectoral changes in the service market, high-tech development, and energy markets, more successfully pursued in the U.S., could profit many European countries. Authors Anders Aslund and Simeon Djankov conclude with a call for crucial continental institutional reforms at the European Commission of the European Union, the European Parliament, and the European Council of Ministers. If enacted, this bold program may be just what is needed to reinvigorate the slumping European economy.

About the Author
Anders Aslund is a Senior Fellow at the Atlantic Council in Washington, DC. Simeon Djankov is a Visiting Fellow at the Peterson Institute of International Economics and Rector at the New Economic School in Moscow.

Reviews
"...a remarkably detailed, well-balanced and well-written analysis of the European Union s economic development and related policy issues, especially in the last two or so decades. Highly recommended to anyone, not just professionals, dealing with the European Union." -- CHOICE "European Union needs a strong economy to respond effectively to the global challenges and to live up to the expectations of its citizens. It needs to raise the economic growth rate and sustain its global competitiveness. This book offers valuable insights into how that can be done through structural reforms and further market integration." -- Valdis Dombrovskis, Vice President, European Commission "The European Union faces an almost perfect storm of political challenges. The strategy it has used in the past -- barely muddling through a series of calamities -- is no longer enough. In this book, Anders Aslund and Simeon Djankov respond to these challenges, suggesting how Europe can cure its dismal economic growth through ambitious structural reforms." -- Carl Bildt, Former Prime Minister of Sweden" "Standard policy responses to Europe's growth malady have focused on loose monetary policies and massive government spending. These can at best stabilize, but surely will not cure the patient. Aslund and Djankov propose credible cures based on a wealth of academic research: how to create a more nimble, flexible, and dynamic economy in Europe." -- Andrei Shleifer, Professor of Economics, Harvard University "This book has a strong message to European policy makers: Focus on competitiveness if you want to have the economic strength and political clout to address all the challenges you are facing." -- Kristalina Georgieva, Vice President, European Commission



Book Information
ISBN 9780190499204
Author Anders Aslund
Format Hardback
Page Count 228
Imprint Oxford University Press Inc
Publisher Oxford University Press Inc
Weight(grams) 476g
Dimensions(mm) 157mm * 226mm * 20mm