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Economic policy seen as key to EU’s future

24.10.2016Comments are closed.

Ljubljana, 19 October – The role of economic policy in determining the EU’s fate was highlighted as several prominent economists debated the future of European integration at the Ljubljana Faculty of Economics on Wednesday.

The awareness of why the EU was created in first place has faded, but it is crucial if the union is to continue functioning well, said Mojmir Mrak in reference to the bloc having started out as an economic union.

He attributes the current problems to the unequal consequences of globalisation and failure to properly tackle crises, noting that the bloc had been incorrectly treating the current crisis as a fiscal crisis.

Rok Spruk mentioned the rushed de-industrialisation of countries as a major issue. “It is difficult for youths to participate in the labour market when labour is being replaced by technology,” he said.

Unemployment was also highlighted by Jože P. Damijan, who noted that the unemployed were more likely to resort to radical political parties, which consequently leads to unwanted change affecting the entire economy.

Janez Potočnik, an economist and former EU commissioner, meanwhile noted that economic recovery was not the only way of resolving problems.

EU institutions must be efficient, which depends on the willingness of member states to change. Countries need to realise change is necessary and unavoidable, he stressed.
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Publish time: Oct 19, 2016, 15:05

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