Competitiveness And Economic Development In Europe

The success of an economy to adapt quickly, flexibly, and effectively to the demands of the changing international economic environment can only be investigated using the achievements of other national economies or regions as a benchmark. This book analyzes the fundamental factors of competitiveness, which will, in turn, facilitate economic development and growth, in the new post-crisis environment. In the economic, social, legal, and technological environment that has emerged in recent years, as well as in the period after the recent financial crisis, it is critical to define, assess, and implement new pathways to competitiveness and economic development. The book covers all aspects of competitiveness and economic growth, from financial intermediaries to tourism and the digital economy, and from regulation and corporate governance to exchange rate dynamics and monetary policy issues. It uses empirical findings from a variety of different countries with divergent economic structures and policies. It examines the new system of production, and the technological, commercial, financial and institutional environment, with the aim of recommending a proportional division of benefits and costs of economic growth. It offers a fresh, holistic, and flexible concept to underscore the new relationship between competitiveness and economic growth. Such an approach is needed, whereby competitiveness is no longer a zero-sum game between countries, but is achievable for all countries. The book recommends future directions and offers policy solutions, and as such, will appeal to students, researchers, and policymakers, as well as those interested in the role of competitiveness in the operation of markets, productivity, and economic development, and how it might foster innovation and growth.

"It will be of particular interest to researchers and policy makers working in the fields of competitiveness and growth in the context of economic and monetary integration as well as to academics of European studies in general."--BOOK JACKET.

The European Union (EU) was launched as a response to the economic dominance of the United States and – to a lesser degree – the Soviet Union. The nations of Western Europe were too small to compete against large scale and diversi?ed economies on their own. Six countries, eventually expanding to 27 (and counting), took a series of steps toward progressively deeper integration: the removal of int- nal tariffs, the construction of a common external tariff, the elimination of many (but not all) non-tariff barriers leading to a single market, and the adoption of a c- mon currency by 15 of the member states. The EU today equals and even exceeds the U. S. on many key indicators of performance. In the process, two similar but nonetheless divergent models of social and economic life stand in contrast with each other. The U. S. is more committed to capitalism and does little to dilute its harsh edges while the nations of Europe support wider social safety nets and more active regulation of commercial activity to mute the crueller aspects of the free-market. Until recently, the economic dynamism of the U. S. called into question whether the so-called European social model was sustainable in an era of globalization. The EU was slipping in competitiveness and was being challenged by new global pow- houses like China and India. Although the U. S. economy has slowed, there is little indication that European countries are capable of leveraging the situation to their advantage.

Future economic development and the well-being of citizens in South East Europe (SEE) increasingly depend on greater economic competitiveness. Realising the region’s economic potential requires a holistic, growth-oriented policy approach. Against the backdrop of enhanced European Union (EU) ...

This path-breaking book presents a crucial contribution to the current academic discussion on regional competitiveness and the policy debate on smart specialization, place-based development and cohesion policy in the European Union. As such it will prove

The future sustainable economic development and well-being of citizens in South East Europe depend on greater economic competitiveness. Reinforcing the region’s economic potential in a post-COVID-19 context requires a holistic, inclusive and growth‐oriented approach to policy making.

The European Union (EU) was launched as a response to the economic dominance of the United States and – to a lesser degree – the Soviet Union. The nations of Western Europe were too small to compete against large scale and diversi?ed economies on their own. Six countries, eventually expanding to 27 (and counting), took a series of steps toward progressively deeper integration: the removal of int- nal tariffs, the construction of a common external tariff, the elimination of many (but not all) non-tariff barriers leading to a single market, and the adoption of a c- mon currency by 15 of the member states. The EU today equals and even exceeds the U. S. on many key indicators of performance. In the process, two similar but nonetheless divergent models of social and economic life stand in contrast with each other. The U. S. is more committed to capitalism and does little to dilute its harsh edges while the nations of Europe support wider social safety nets and more active regulation of commercial activity to mute the crueller aspects of the free-market. Until recently, the economic dynamism of the U. S. called into question whether the so-called European social model was sustainable in an era of globalization. The EU was slipping in competitiveness and was being challenged by new global pow- houses like China and India. Although the U. S. economy has slowed, there is little indication that European countries are capable of leveraging the situation to their advantage.

This book deals with the relationship between the competitiveness of countries in Europe and the analysis of macroeconomic imbalances. It focuses mainly on a European analysis, along with special studies of the German economy, which is rarely considered to be a cause for the current crisis. The book also compares Germany with Italy, providing a comparative perspective on structural reforms. The first part of this book analyses macroeconomic imbalances based on a new framework from the analysis of the flow of founds rather than balance of payments, and presents an alternative measure of unit labour cost comparisons to investigate the relationship between imbalances and competitiveness. The second part is dedicated to the analysis of the trade performance of Germany and Italy and the sustainability of the German model in the EMU. The third part describes the reform policies implemented by Germany and their effect on imbalances; this includes wage moderation, the labour market reforms and weak labour demand. The final part explores the regional inequalities within Germany and Italy, providing useful lessons regarding fiscal federalism and regional banking developments. In conclusion, a big part of the problems within the Euro Area are generated by the use of a wrong framework of analysis, where the EMU is considered as a fixed exchange rate regime and not a single country. This book provides an alternative view which holds at the core the relationship between sectors. It is stressed throughout the book that the German behaviour has contributed to the rise of imbalances between countries due to its growth model, not suitable for a big developed country in a currency union. This book also finds that stressing banking integration within countries helps to reduce regional inequalities, which has important implications for the management of Europe’s future banking union and macroeconomic imbalances.