On the occasion of the 50th anniversary of the European Union, experts present their analyses of historical developments and new economic challenges for the EU. After a reflection on historical dynamics, the contributors point out the dramatic economic shifts between Europe, Asia and the US. Representatives from major central banks (including the ECB), other leading banks, and academia analyze the dynamics of the Eurozone and financial market integration in the context of globalization and economic growth. Furthermore, the authors discuss the challenges of information and communication technologies by means of various country analyses.Moreover, the Schumpeterian prospects for Europe and the Lisbon Agenda, the long-term challenges of EU pension reforms, emission trading systems in the EU, and options for a new EU constitution are highlighted. At the bottom line of this EU analysis are major implications for investors, managers, policy-makers and the public at large in both the EU and the global economy.
The European Union 50 Years On: Some Comments on Its Early History by Richard Tilly 11
B Global Shift - The European Union, the United States, and the Emergence of China by Thomas Gries 25
C Growth and Competitiveness in Euro Area Economies by Lucas Papademos 47
D Financial Market Integration and Monetary Policy by Hans-Helmut Kotz 59
E Instability of the Eurozone? On Monetary Policy, House Prices and Structural Reforms by Ansgar Belke and Daniel Gros 75
F Financial Markets and Global Integration by David Dickinson 109
G Banking, Financial Market Dynamics and Growth in the EU Single Market by Michael Heise 123
H Banking, Financial Market Structures and Growth in the EU Single Market by Freddy van den Spiegel 129
I Information and Communication Technology: Dynamics, Integration and Economic Stability by Paul J. J. Welfens 137
J The Role of Information and Communications Technology In Improving Productivity and Economic Growth in Europe: Empirical Evidence and an Industry View of Policy Challenges by Axel Pols 183
K Growth, Jobs and Structural Reform in France by Alain Chappert 203
L Growth, Jobs and Structural Reform in the Netherlands by Kees van Paridon 209
M Growth, Jobs and Structural Reforms in Greece by Daphne Nicolitsas 219
N Economic Catching-Up, Price Levels and Inflation Rates in Central and Eastern Europe by Balazs Egert 227
O On the Value and Need for Revising the Economic Policy Framework in the Union by Andrew Hughes Hallett 247
P An Alternative Route to Europe - An Alternative for Europe? by Christian Muller 257
Q Remarks on the Future Challenges of the European Union by Andras Inotai 261
R Applying a Comprehensive Neo-Schumpeterian Approach to Europe and Its Lisbon Agenda by Horst Hanusch and Andreas Pyka 275