Conclusions of the 2010 Aix-en-Provence Economic Forum
AVIGNON, France, July 5, 2010 /PRNewswire/ --
- Ten Measures for Constructing European Growth
Do our countries still have a future? Yes!
In order to succeed in creating real growth in Europe, it will take more than a simple declaration. It is necessary to ensure unprecedented human and capital investment, a true strategy of breaking with the past via newly thought-out innovation and industrial policy, an enhanced education and qualification, a re-imagined growth funding and financial regulation, green growth, a reactive macroeconomic policy, a renewed Social Pact and a reinforced multilateralism.
The "Cercle des Economistes" has outlined ten measures: 1. For a targeted industrial policy: health, energy, green technologies, transport, digital and nanotechnologies - Directing private savings towards productive long-term investments through a public-private risk-sharing with the State as reinsurer. - Creating a European debt agency to fund these investments. 2. For an ecologisation of industrial policy - Implementing a carbon tax and R&D subsidies to the green sector. 3. For a European Small Business Act - Granting SMEs access to public markets and dedicated fundings piloted by regions. 4. For a dedicated training and research policy - Allocating 2% of GDP to higher education. - Creating a European network of competitiveness clusters. 5. For financial market regulation in Europe - Bringing together US and European accounting and prudential standards. - Implementing compensation chambers for derivative products. - Penalising proprietary trading of deposit banks. 6. For an active macroeconomic policy - Making the Stability Pact contra-cyclical. - Managing interest rates, the exchange rate and the deficit with growth as a priority. - Implementing, via the ECB, a cooperative exchange rate policy yet taking into account growth. 7. For intelligent and differentiated macroeconomic surveillance - Protecting productive investments, from austerity cuts of the next five years; proscribing any taxation which penalises work and innovation. 8. For selective immigration - Basing immigration on qualifications and integration into the labour market. - Attracting young foreign students. 9. For a unified labour market - Constructing the European labour market through training. 10. For a common European policy regarding technology transfers - Insisting upon European cooperation in technology transfers. - Redirecting our cooperation towards Africa.
Full text available at http://www.lecercledeseconomistes.asso.fr
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SOURCE Le Cercle des Economistes