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" }x3xC3x3x03x" 3}D0    I. Challenges    Achieve higher sustained growth while Consolidating macroeconomic stability Maintaining an adequate degree of cohesion Challenging environment Recent EU enlargement Adverse demographics Technological change Globalisation " } x xQ3x3xxNx" 3}  Q    N  J/What is at stake?HSuccess of enlargement Future standards of living of European citizens Sustainability of the European model Process of European integration Role of Europe in the world " x3x" 3}3x  K0The European model under strain  Z L1What should be done?$ X Growth must become the top priority for policy European National But fostering growth requires massive reforms Of economic policies at European and national levels Of European economic governance (EU as a catalyst-facilitator) Absolute need for a minimum degree of political consensus So far, very difficult to achieve (Germany, France, Italy)" }/x3x.xt3x:x;x/.t:  ; Y M2To do list: National level 8 Essential Germany is key to unblock reforms Which reforms? Goods and (particularly) services markets Labour markets and cohesion policies R+D+i+e ;x*3x-x" xx;*-  &   N3To do list: European level8  Complete Single Market and make it more dynamic Boost investment in knowledge (R+D+i+e) Redesign-modernise cohesion policies Improve macroeconomic policy framework (more symmetry in fiscal and monetary policies) Improve methods of economic governance Refocus the EU budget " }xxx" xx&Q   U: Conclusions   ,Europe is nowadays at a cross-roads Economic problems are deep and structural Unless decisive change of course to place growth as the top priority Standards of living of European citizens will stagnate or fall The European model will not survive The very process of European integration will be at risk The role of Europe in the world will shrink further Diagnosis of problems and solutions is clear: fundamental growth problems requires focus on growth Will there be the political will to act? So far, no & . but some hope European Constitution is a positive step Best way to ensure a reaction is to identify the very painful consequences of failing to react 3xdxE3x" 3x" 3xbE        Y>  xxxxxxxxxx Z?31. Complete and make more dynamic the Single Market44b  Financial services and integrated capital markets Regulatory & competition policies for new entry Policies to facilitate intra-EU labour mobility  Green cards for 3rd country nationals Infrastructure for connecting up markets 2x  [@ 2. More investment in knowledge!!,   Higher spending in R+D+i [1.9%=>3%] & higher education [1.4%=>3%] Better spending [several centres of excellence] Independent European Agency for Science and Research Tax credits for small start-ups 2xp       e  \A3. Redesign cohesion policy>Fundamental change needed Cohesion and convergence The best cohesion is to achieve real convergence Goal: nations and not regions Funding criteria: efficiency in generating value-added Restructuring Deeply affects the Common Agricultural Policy Eligibility criteria: restructuring need and a good proposal (value added rather than rents maintenance) Comprises affected individuals in all Member States 33x3x3  ]B4. More symmetric macro policy, :More effective & flexible implementation of SGP Reinforce the role of the Commission Create independent national Fiscal Auditing Boards Foster higher surpluses-lower deficits in good times Better policy coordination A consistent fiscal stance for the euro area Reinforced dialogue euro area Council/ECB/Commission 0%3h3xb3x0%hb   ; ^C5. Better economic governance> @Simpler and more effective decision-making needed in large, heterogeneous Europe Stronger EU enforcement of the Single Market (independent EU bodies, like Competition Agency) Better descentralisation of regulatory functions Incentives for implementing the Lisbon Agenda (role of the EU budget) Qualified majority voting AA&  z _D6. Refocus the EU budget >*Cohesion should be consistent with growth, not an impediment to it Reorganise radically economic expenditures, focussing on limited areas: Growth fund (for the EU) Convergence fund (for low-income countries) Restructuring fund (for affected individuals) Revenues: target tax bases with EU dimensionTs3x-xs- + aG bHcIdJeK/Fk  ` 33` Sf3f` 33g` f` www3PP` ZXdbmo` \ғ3y`Ӣ` 3f3ff` 3f3FKf` hk]wwwfܹ` ff>>\`Y{ff` R>&- {p_/̴>?" dd@3?d3d@ fffSQ\H" ov  n?" dd@   @@``PT      `pBQBQ   (  ~   s *c"$`?V  <P*  #" `F(k *  LTTULO DE LA DIAPOSITIVA =  08v*  " *  kHaga clic para modificar el estilo de texto del patrn Segundo nivel Tercer nivel Cuarto nivel Quinto nivel7    l  0Px  "$ *  b*P  C A"`P   C A"=   s *Ux ",$ 0 sIESE, July 8th 2004"0   B  s *޽h ? 33___PPT10i.=I`]+D=' = @B + 4IV_plantilla_fondo_claro_1  0 :(   P  C A"  0L "@,$  0 D0 2   0, "` N(00 82A B  s *޽h ? 33___PPT10i.=I\Q(+D=' = @B +7  ` 33` Sf3f` 33g` f` www3PP` ZXdbmo` \ғ3y`Ӣ` 3f3ff` 3f3FKf` hk]wwwfܹ` ff>>\`Y{ff` R>&- {p_/̴>?" dd@,|?" dd@   " @ ` n?" dd@   @@``PR    @ ` ` p>> d(  dP d C A"`V  d S A"U  d 6\;"s  cNOMBRE DEL DEPARTAMENTO00 2    d 0;",$  0 QGRACIAS POR SU ATENCIN0   d 0Բ;"\ OAUTOR.0   B d s *޽h ? 33___PPT10r..QI@+D' = @B D' = @BA?%,( < +O%,( < +D' =%(D' =%(DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<* d%(D' =-s6Bwipe(left)*<3<* d+8+0+ d; + (Diseo personalizado 0 !(    Nk f]f] @8    j*  CCCcc  N| f]f] y 8   l*  CCCccd  c $ ?Cz   M  N f]f]     kHaga clic para modificar el estilo de texto del patrn Segundo nivel Tercer nivel Cuarto nivel Quinto nivel7    l  T f]f] 4@l    j*  CCCcc  T| f]f] 4y l   l*  CCCccH  09g ? 3380___PPT10.TIpޫ  -%l(  l l H*  "`  *   l Bx  "` ` 0  *  (  @@`` l 0@  ppp  IESE, Madrid, July 8th 2004 V0(  B l s *޽h ? ̙33y___PPT10Y+D=' = @B +   tZ(  t~ t s *a*    *   t s *  *  * @`H t 0޽h ? 33___PPT10i.-!ֵ+D=' = @B +:  QI0 x(  xx x c $ R    x c $< `   * @`R x B 1?"6@`NNN?NG R x B 1?"6@`NNN?N c  x B  w CCentral-Eastern European enlargement May 2004 European Constitution$D0-ZD D X  x B S  dEnlargements 1986 (Sp, Post) and 1995 (Sw, Aus, Fin) Single Internal Market 1993 Monetary Union 1999e0-Ze@'    1   x 6    M Present:      x Hp ? ?"6?@`NNN?N? n&  IPast:  H x 0޽h ? 33___PPT10i..!0*#+D=' = @B +  @|`(  |~ | s * 4    |  0< @    * @`H | 0޽h ? 33___PPT10i..! ;=+D=' = @B +F  ]Up(  ~  s *    R  B3Ԕ?"6@`NNN?NF D  H  ?"6@ NNN?N Economic and social cohesion6-  H` ?"6@ NNN?NuG wMacroeconomic stability$    < ?"6@ NNN?N# x  TGrowthH  0޽h ? 33___PPT10i.H`K+D=' = @B +  ))l(  0Z f # "AT  c $X99?"  6   :   68 9t :   6/ :   6Df : B  3  <B   #  <B   #   <B   #   <B   #   <B   # bc<B  # 78<B  #   <B  # <B  # <B  # <B  #   <B  #   <B  # < = <B  #   <B  #   <B  #     |BC DEF71  @LQ   6h *  A1$F   6D#   C1.5$F   6 'hU   A2$F   6(,) C2.5$F   61h} A3$F   65R C3.5$F    6l:h& A4$F  ! 68?| C4.5$F  " 6FhQ A5$F  # 6I:5   I 1961-1970$  F  $ 6%5 g  I 1971-1980$  F  % 6PS 5   I 1981-1990$  F  & 6LX5 @  I 1991-2000$  F B ' 3   ( 6\k A%$F  ) 6a "Economic growth EU 15 (1960-2000) ,#!\H$H  0޽h ? 33___PPT10i.C!+D=' = @B +  P`(  ~  s *hl      0*    * @`H  0޽h ? 33___PPT10i./!d+D=' = @B +,   ,,JK+(  L  c $X99?f  6xf : n)8 O'A  KZO'B  3 O'A <B  # }~ <B  # ` } <B  # ` } <B   # ` } <B   # `}<B   # `j}k<B   # `=}><B   # `}<B  # `}<B  # `}<B  # }  <B  # } ~8 <B  #  8 <B  #   8 <B  # B C8 <B  #  8   B: CYDEF>|: Y @/   B,C!DEF,#! @`  B,C!DEF,#! @`0\  B+C"DEF +#" @`  B,C!DEF,#! @`#0D  B-C!DEF -$! @`nTu  B,C"DEF ,$" @`  B+C!DEF+"! @`Do  B,C!DEF ,$! @`  B,C!DEF ,$! @`D9   B,C!DEF,#! @`Hi ! 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B&CDEF"& @`  / B+CDEF &+ @`c 0 B+CDEF&+ @` 1 B+CDEF&+ @`Ju 2 B+CDEF &+ @` 3 B+CDEF&+ @`0k[ 4 B)CDEF&) @`Tn 5 B*CDEF&* @`<AV 6 B*CDEF&* @`%? 7 B*CDEF'* @` '' 8 BCDEF @`p 9 6d KU  A1$F  : 6  L)  C1.5$F  ; 6t K  A2$F  < 6d`L C2.5$F  = 6@3K A3$F  > 6؟Lx C3.5$F  ? 6ФKK A4$F  @ 6L C4.5$F  A 68K A5$F  B 6 m   I 1961-1970$  F  C 6xm _  I 1971-1980$  F  D 6- m   I 1981-1990$  F  E 6m   I 1991-2000$  F B F 3 O'A  G 641- A%$F  H 6+W DUS&F I 6 YV  DEU&F J 0 Economic growth: EU vs US G\H6H  0޽h ? 33___PPT10i.C!+D=' = @B +2  11F1(  )0Z 'Y # "T  c $X99?'Y  6    DG\H   6 : B  3 O2/Q<B  #  <B  # {  <B   # {` a <B   # {  <B   # {<B   # {DE<B   # {<B  # {<B  #   <B  #  3 <B  # B C3 <B  #  3 <B  #  3 <B  # >  ? 3 <B  #   3 <B  #   3 <B  # ; <3 <B  #  3 <B  #  3 <B  # 7 83 <B  #  3 B  3 nB  3 B  3 B  3 2B   3 YmB ! 3 B " 3 B # 3  B $ 3 B % 3 DXB & 3 B ' 3 B ( 3  B ) 3 0CB * 3 k~B + 3 B , 3 B - 3 /B . 3 VjB / 3 B 0 3 B 1 3 B 2 3 BUB 3 3 }B 4 3 B 5 3  B 6 3 - A B 7 3 h | B 8 3   B 9 3   B : 3  , B ; 3 S g B < 3   B = 3   B > 3   B ? 3 ? R B @ 3 z  B A 3   B B 3   B C 3   B D 3 * > B E 3 e y B F 3   B G 3   B H 3  ) B I 3 Q d B J 3   B K 3   B L 3 B M 3 <PB N 3 wB O 3 B P 3 B Q 3 (;B R 3 bvB S 3 B T 3 B U 3 'B V 3 NaB W 3 B X 3 B Y 3 B Z 3 9MB [ 3 tB \ 3 B ] 3 B ^ 3 %8B _ 3 `cB ` 3 csB a 3 B b 3 B c 3 $B d 3 K_B e 3 B f 3 B g 3   h B CDE,F4> [dl!"}  3  @n    i B C DE,F4| [.l "} 3 @n. `  j 6D . hY  A0$F  k 6 % k  B20$F  l 6x q k  B40$F  m 6|k> B60$F  n 6  k B80$F  o 6\ Un C100$F  p 68 n" C120$F  q 6 k   D1950$F  r 6p! k   D1955$F  s 6L& ek M  D1960$F  t 6* k   D1965$F  u 60  k  D1970$F  v 68 a k I  D1975$F  w 6E  k  D1980$F  x 6C k   D1985$F  y 60M ^k F  D1990$F  z 6O k   D1995$F  { 6T k   D2000$F B | 3 O2/Q } 6TY KE A%$F  ~ 60^ <   DUS&F  6_ n DEU&F  6xb A q i  aJapan&F  Bl6 @ kPer capita GDP (US = 100)\HH  0޽h ? 33___PPT10i.C!P~+D=' = @B +m | <(  <xZ  <# "tT < c $X99?> < 6 %6s ,Productivity and employment growth: EU vs US&-,F Z  <B < # B < 3 <B < # tuB < 3 txB  < 3 ) <B  < # <B  < # <B  < # }~<B  < # <B < # <B < # <B < # <B < #  <B < # <B < # <B < # <B < # <B < #  <B < # <B < # <B < # <B < #    < tB CDDE F>Dy @Kv } < zBCDEF  @`I` < zBCDEF  @` < zBCDEF  @` < zBCDEF  @`  < zBCDEF  @`)@ !< zBCDEF  @`bx "< zBCDEF  @` #< zBCDEF  @`* $< zBCDEF  @` . > %< zBCDEF  @`BAXQ &< zBCDEF  @`zUd '< zBCDEF  @`hx (< zBCDEF  @`| )< zBCDEF  @`!8 *< zB C DEF   @`Zc +< zBC DEF  @``p ,< zBCDEF  @` -< zBC DEF  @` .< zBC DEF  @`  /< zBC DEF  @`DY 0< zBC DEF  @`~ 1< zBCDEF  @` 2< zBCDEF  @` 3< zBCDEF  @`-B  4< zBCDEF  @`g| 5< zBCDEF  @`  6< zBCDEF  @`+ 7< zBCDEF  @` (+ 6 8< zBCDEF  @`P 3f A 9< 6 U D-1.0$F :< 6 U` D-0.5$F ;< 6 e C0.0$F << 6\ ef C0.5$F =< 6 e$ C1.0$F >< 6P em C1.5$F ?< 6 e* C2.0$F @< 6 es C2.5$F A< 6 e1 C3.0$F B< 6 ez C3.5$F C< 6d e7 C4.0$F D< 6@ &` I 1971-1980$  F E< 6 &` I 1981-1990$  F F< 6  & ` I 1991-2000$  FB G< 3 )  H< 68 hP r Productivity0  G C   I< 6 r^ p Employment0  G C   J< 6 qo FEU(F  B K< 3 R n<B L< #   <B M< #   <B N< #   <B O< #   <B P< #   <B Q< #   <B R< #   <B S< #   <B T< #   <B U< #   <B V< #   <B W< #   <B X< #  F<B Y< #   <B Z< # <B [< # ./<B \< # FG ]< tB CQDE F7)Q @ (ZB ^< 3   B _< 3   B `< 3 B a< 3 >RB b< 3 yB c< 3 B d< 3 B e< 3 +?B f< 3 fzB g< 3 B h< 3 B i< 3 ,B j< 3 TgB k< 3  l< zBC DEF   @` m< zBC DEF   @` n< zBC DEF   @`?T o< zBC DEF  @`{ p< zBC DEF   @` q< zBC DEF  @`~ r< zBC DEF   @`,y@ s< zBC DEF  @`gs{ t< zBC DEF   @`ny u< zBC DEF  @`ht v< zBC DEF   @`c,n w< zBC DEF   @`S]hi x< zBC DEF  @`Wc y< 6    D-1.0$F z< 68" c  D-0.5$F {< 6    C0.0$F |< 6p" i  C0.5$F }< 6"  % C1.0$F ~< 6H" o  C1.5$F < 6"  , C2.0$F < 6" u  C2.5$F < 6"  1 C3.0$F < 60(" z  C3.5$F < 6+"  7 C4.0$F < 6 "/ )c I 1971-1980$  F < 6 3"F).c I 1981-1990$  F < 6d7"])Ec I 1991-2000$  FB < 3 R n < 6>"p \ Productivity     < 6A"18 p Employment0  G C   < 6dG"-n FUS(F  B < 3 ) <B < #   <B < #   <B < # r s <B < #   <B < # y z <B < #   <B < #   <B < #   <B < #   <B < #   <B < #   <B < #   <B < #   <B < #   <B < # a b <B < #    <B < # >   < zBCDEF  @` %  < zBC DEF  @`J _  < zBC DEF  @`   < zBCDEF  @`   < zBCDEF  @`   < zBCDEF  @`2 G  < zBC DEF  @`m   < zBCDEF  @`   < zBCDEF  @`   < zBCDEF  @` 0  < zBCDEF  @`T j$  < zBC DEF  @`" /  < zBCDEF  @`. <  < zBCDEF  @`: H  < zBCDEF  @`<F QT  < zBCDEF  @`vR a  < zBC DEF  @`_ l  < zBCDEF  @`k y  < zBCDEF  @`$w :  < zBCDEF  @`^ t  < zBCDEF  @`   < 6hS"U   D-1.0$F < 6DW"UT   D-0.5$F < 6 ["e   C0.0$F < 6(`"e\   C0.5$F < 6e"e   C1.0$F < 6i"eb   C1.5$F < 6ln"e   C2.0$F < 68s"ej   C2.5$F < 6x"e '  C3.0$F < 6|"eq   C3.5$F < 6"e/  C4.0$F < 6̄"T I 1991-1995$  F < 64"T< T I 1996-2000$  FB < 3 )  < 6d"   \ Productivity     < 6`" n  Z Employment     < 6h"qg  FEU(F   < C ("R n @  <B < #    <B < #   <B < #  u  v <B < #   <B < #  |  } <B < #   <B < #   <B < #     <B < #   <B < #   <B < #   <B < #     <B < #  F <B < #    <B < #   <B < # F G <B < # 7R 7  < zBC DEF   @`R g  < zBC DEF   @`   < zBC DEF   @`   < zBC DEF   @`   < zBC DEF   @`< Q  < zBC DEF   @`w   < zBC DEF   @`x   < zBC DEF   @`o |  < zBC DEF   @`'g <t  < zBC DEF   @`b^ wk  < zBC DEF   @`U b  < zBC DEF   @`M Z  < zBC DEF   @`D 'Q  < zBC DEF   @`L< aI  < zBC DEF   @`3 @  < zBC DEF   @`* 7  < zBC DEF   @`" /  < zBC DEF   @`7 L&  < zBC DEF   @`r   < zBC DEF   @`   < zBC DEF    @`   < 6"  D-1.0$F < 6|" X  D-0.5$F < 6|"   C0.0$F < 6" ^  C0.5$F < 6"   C1.0$F < 6" e  C1.5$F < 6@" "  C2.0$F < 6" k  C2.5$F < 6" )  C3.0$F < 6" q  C3.5$F < 6"  /  C4.0$F < 6" X I 1991-1995$  F < 6"X I 1996-2000$  FB < 3 R n < 6(" p  \ Productivity     < 6(" /  >   < 6D"opg  <   <@ 0"d ;  \ Employment (2    < 0";  8US(2 H < 0޽h ? 33___PPT10i.H@wx+D=' = @B ++*  B):)4f((    s *,$ " * @` 4 68$ !Macroeconomic stability: EU vs US""\H6  &F _ f _n 6 0X99?"`\ 7 B $"`< @C  8 B8$"`+  o S 1961-1970. GC 9 B$"` oo S 1971-1980. GC : B`$"`Go S 1981-1990. GC ; B$"` o S 1991-2000. GC < BX%$"`D LEU.GCV = C "`9 > B,$$"`58  InflationBG GC  ? B/$"`  8 M3.9.GC @ B@4$"` 8 N10.8.GC A B\2$"`:8 M6.7.GC B B6$"`L8 M2.7.GC2 C B:$"`8m  Cyclical instabilityBGGC,  D B(I$"` 8  M0.9.GC E BB$"` 8b M1.7.GC F BR$"`8: M1.2.GC G BT$"`L8 M1.0.GC H B$"`gD  LUS.GCV I C "`[ J Bd$"` 5   InflationBG GC  K BLi$"`   M2.8.GC L Bj$"`  b  M7.9.GC M Bp$"` :  M4.7.GC N Bx$"`L   M2.8.GC3 O B""` 3   Cyclical instabilityBGGC,  P B@$"` 3  M1.8.GC Q B$"` b3  M2.0.GC R B$"` :3  M2.4.GC S BĈ$"`L 3  M1.5.GC T B@$"` rd  QEU - US.GCV U C "`G zO  V B$"`b 5   InflationBG GC  W BX$"` b  M1.1.GC X Bܣ$"` b b  M2.9.GC Y B$"`b :  M2.0.GC Z B0$"`;b !  N-0.1.GC3 [ Bĸ$"`    Cyclical instabilityBGGC,  \ B$"`  N-0.9.GC ] B$"`   N-0.3.GC ^ Bй$"`w ]  N-1.2.GC _ B|$"`; !  N-0.5.GC ` B0$"` _ > BB a 3 1~V b C "`~BB c 3 ~BB d 3 ~`aBB e 3 ~ ! H  0޽h ? 33___PPT10i.D!+,+D=' = @B +# ""Br"(  F  r Z  s *X99?  " <$3 : BB # 3  + C $  >  BB , 3  BB - 3   BB . 3 Q R BB / 3 BB 0 3 BB 1 3  BB 2 3  h BB 3 3   BB 4 3 ` a BB 5 3 ! " BB 6 3   BB 7 3   BB 8 3 h i  9 BCuDEFPuuc @~a K  : <$ u  C1.7$F ; <$+ uy  C1.8$F < <$u  C1.9$F = <$R_v A2$F > <4$uF C2.1$F ? <,$C ;  D1970$F @ <$ ;  D1980$F A <' Y;  D1990$F B <$' ;  D1995$F C <D 'M ;  D2000$FB D 3  L E < '  O ,Ratio of 5% richest over 20% poorest incomes&-,F bB F 3   BB G 3   BB H 3   BB I 3   BB J 3   BB K 3   BB L 3   BB M 3   BB N 3   BB O 3   BB P 3   BB Q 3  BB R 3 l m BB S 3   ! BB T 3   BB U 3    V BCyDEFPy X @   W <X'7  E0.295$F X <T'  C0.3$F Y <'7   E0.305$F Z < -']    D0.31$F [ <&'7  % E0.315$F \ <h4']  5 D0.32$F ] <D9'7  F E0.325$F ^ <xA' 3 B  D1970$F _ <D'W B  D1980$F ` <t*'  B  D1990$F a <)' PB  D1995$F b <TM't B  D2000$FB c 3    d <T'6O ~Gini Coefficient&F $  i B\'   p,iLower is less unequal(   k B`a';  p,iLower is less unequal(   n 6e' }Income inequality in EU\H$ H  0޽h ? 33___PPT10i.D!7+D=' = @B +!  80`(  x  c $j'  '   s 4'0e0e #" 0e1 ' * @`H  0޽h ? 33___PPT10i./!ˌ+D=' = @B +!  80`(  `x ` c $_'  '  ` s 00e0e #" 0e1 ' * @`H ` 0޽h ? 33___PPT10i./!ˌ+D=' = @B +!  80(  x  c $<'D  '   s  0e0e #" 0e0 ' * @`H  0޽h ? 33___PPT10i./!ˌ+D=' = @B +W  nf (  ~  s *0'}_  '   s *y',  ' * @` 6  #""6 '+   `' ?"6@ NNN?N  U0.8  @@``+   `0=  ?"6@ NNN?N  U0.7  @@``H   `4' ?"6@ NNN?N6  rPublic  @@``+   `|' ?"6@ NNN?N9   U1.8  @@``+    `' ?"6@ NNN?N9   U1.2  @@``I    `' ?"6@ NNN?N69   sPrivate  @@``+    `0' ?"6@ NNN?Np9  U2.6  @@``+    `8' ?"6@ NNN?Np9  U1.9  @@``-    `' ?"6@ NNN?N6p9  WTotal  @@``,   `,( ?"6@ NNN?Np VUS  @@``,   `0' ?"6@ NNN?Np VEU  @@``,   `( ?"6@ NNN?N6p V   @@``B  <o?"0@NNN?N6B  <o?"0@NNN?N6B  <o?"0@NNN?N66pB  <o?"0@NNN?NpB  <o?"0@NNN?NB  <o?"0@NNN?N6p69 B  <o?"0@NNN?NB  <o?"0@NNN?Np9 B  <o?"0@NNN?N69 6 B  <o?"0@NNN?N9  B  <o?"0@NNN?N6 6B  <o?"0@NNN?N B  <o?"0@NNN?NB  <o?"0@NNN?NH  0޽h ? 33___PPT10i.2! Z+D=' = @B +  0N(  ~  s * (I"  (    #"" ()   `D' ?"6@ NNN?N  S1.4  @@``)   `x0( ?"6@ NNN?N  S1.1  @@``H   `9( ?"6@ NNN?N  rPublic  @@``)   `A( ?"6@ NNN?N9   S1.6  @@``)   `J( ?"6@ NNN?N9   S0.3  @@``I    `S( ?"6@ NNN?N9   sPrivate  @@``)    `\( ?"6@ NNN?Np9  S3.0  @@``)    `e( ?"6@ NNN?Np9  S1.4  @@``-    `p( ?"6@ NNN?Np9  WTotal  @@``,    `y( ?"6@ NNN?Np VUS  @@``,   `t( ?"6@ NNN?Np VEU  @@``,   `4i( ?"6@ NNN?Np V   @@``B  <o?"0@NNN?NB  <o?"0@NNN?NB  <o?"0@NNN?NpB  <o?"0@NNN?NpB  <o?"0@NNN?NB  <o?"0@NNN?Np9 B  <o?"0@NNN?NB  <o?"0@NNN?Np9 B  <o?"0@NNN?N9  B  <o?"0@NNN?N9  B  <o?"0@NNN?N B  <o?"0@NNN?N B  <o?"0@NNN?NB  <o?"0@NNN?NH  0޽h ? 33___PPT10i.2! +D=' = @B +!  80 (  x  c $Ԛ(<"  (   s (0e0e #" 0e, ( * @`H  0޽h ? 33___PPT10i./!ˌ+D=' = @B +!  800(  x  c $(  (   s 8(0e0e #" 0eT ( * @`H  0޽h ? 33___PPT10i./!ˌ+D=' = @B +!  80@(  x  c $*   *    s (0e0e #" 0e  *  * @`H  0޽h ? 33___PPT10i./!ˌ+D=' = @B +a  xpP(  ~  s *(z   (   H4~x  ?"6@ NNN?N:  !  Y Cornerstone     0D(@  tJ %Threat to macro stability (budget deficits, inflation) Low growth g g even lower growth % Cohesion can no longer be financed % Stable macro policies High growth needs g % Modernised cohesion (incentive-compatible) nS _,}_1}_%l }m };l } #     # #  #     $$$$$$ ((((,#, 00)000000447 x?T8 I   }R  B3Ԕ?"6@`NNN?NI hB  s *"` w nB   0"`Z ? nB   0}"` F   H0 ?"6@ NNN?NQ\ Economic and social cohesion6/  H@0 ?"6@ NNN?NX ] yMacroeconomic stability$    <|0 ?"6@ NNN?N9  S  lGrowth !&  R  B 1?"6@`NNN?N2 E R  B 1?"6@`NNN?N1 OH  0޽h ? 33___PPT10i.H`K+D=' = @B +!  80`(  x  c $p(  (   s #00e0e #" 0eK ( * @`H  0޽h ? 33___PPT10i./!ˌ+D=' = @B +!  80p(  x  c $80W  0   s x 0e0e #" 0e 0 * @`H  0޽h ? 33___PPT10i./!ˌ+D=' = @B +!  80 (   x   c $\0  0    s 700e0e #" 0eK 0 * @ `@H   0޽h ? 33___PPT10i./!ˌ+D=' = @B +!  80((  (x ( c $K0a  0  ( s HT00e0e #" 0eK 0 * @ `@H ( 0޽h ? 33___PPT10i./!ˌ+D=' = @B +}  0@$(  @r @ S Y0F(k  0 r @ S Z0 0 H @ 0޽h ? 33___PPT10i.Cd@A+D=' = @B +!  80@D(  Dx D c $u0  0  D s x 0e0e #" 0eK 0 * @ `@H D 0޽h ? 33___PPT10i./!ˌ+D=' = @B +!  80PH(  Hx H c $I0  0  H s 00e0e #" 0eK 0 * @ `@H H 0޽h ? 33___PPT10i./!ˌ+D=' = @B +!  80`L(  Lx L c $P0  0  L s  00e0e #" 0eK 0 * @ `@H L 0޽h ? 33___PPT10i./!ˌ+D=' = @B +!  80pP(  Px P c $0  0  P s pdx 0e0e #" 0eK 0 * @ `@H P 0޽h ? 33___PPT10i./!ˌ+D=' = @B +!  80T(  Tx T c $0  0  T s ̹00e0e #" 0e 0 * @ `@H T 0޽h ? 33___PPT10i./!ˌ+D=' = @B +!  80X(  Xx X c $D0  0  X s p( 0e0e #" 0eK 0 * @ `@H X 0޽h ? 33___PPT10i./!ˌ+D=' = @B +   #e(  dnF  d T d c $X99?vT 01 d#  d 6h0   DG\H  d 60/0S :  d 6X$  : B d 3 0"1 <B  d # !" <B  d #  ! <B  d #  ! <B  d #  ! <B  d # q !r <B d # L!M<B d # (!)<B d # !<B d # !<B d # !<B d # !  <B d # ! 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T!  ^l zBCDEF  @`! /  _l zBC DEF   @`/ <  `l zBCDEF  @`< K  al zBCDEF  @`aJ wX  bl zBCDEF  @`+W ?f  cl zBCDEF  @`e s  dl zBCDEF  @`s   el zBCDEF  @`   fl zBCDEF  @`N b  gl zBCDEF  @` +  hl zBCDEF  @`  il zBC DEF   @`  jl zBCDEF  @`p  kl zBCDEF  @`9 N  ll zBCDEF  @`   ml zBCDEF  @`  nl zBC DEF   @`  ol zBCDEF   @`t   pl zBCDEF  @` ( :  ql zBCDEF   @` E W  rl zBCDEF   @` b  u  sl zBCDEF  @`: O  tl zBCDEF   @`j B ul 3   vl zBC DEF   @` B wl 3 U h  xl zBC DEF  @` / B yl 3  B zl 3   {l zBC DEF  @`r B |l 3 9 L  }l zBC DEF  @`   ~l zBC DEF  @` B l 3   l zBC DEF  @`V i  l zBC DEF  @` 0 B l 3   l zBC DEF  @`  l zBC DEF  @`s B l 3 : M  l zBC DEF  @`  B l 3   l Bc CDE F(7_fR k c m9 @Jr  l B;C=DEF7;= @`  l B<C=DEF7<= @`l   l B;C=DEF7;= @`  9 l B<C=DEF7<= @` ! l B;C>DEF7;> @`  l B;C=DEF7;= @`V ,  l B;C=DEF7;= @`  l B;C=DEF7;= @`  H l C 7 + H l C 7~ 4 H l C 7iNH l C 7 8 H l C 78PrH l C 7r A H l C 7- g< H l C 7S 5  l 6d2|   A0$F  l 6\2|9   A2$F  l 62| H  A4$F  l 62|p A6$F  l 62|  A8$F  l 6L2J B10$F  l 62JD B12$F  l 62JR B14$F  l 62*   A1$F  l 6|2*   A2$F  l 6H2*   A3$F  l 62*   A4$F  l 62 *  A5$F  l 62 *  A6$F  l 6x2*   A7$F  l 6D2*   A8$F  l 65*   A9$F  l 6l5\*   B10$F B l 3 u l 6p 5E* k Inflation,  GC  l 6 5t 9  JUS,GC l 6d5z JEU,GC l 65   @C H l C >x&   l 651   E61/65$F H l C >LK   l 6 5V }  E66/70$F H l C >? l 6X%53 E71/75$F H l C >  j l 6)5  ^ E76/80$F H l C >O? l 6.53 E81/85$F H l C >Ot  l 6t=5i  E86/90$F H l C >7O m  l 6A5y\ h  E91/95$F H l C >;   l 6lF5G   E96/00$F H l C > -  l 6pJ5 "  E61/65$F H l C >*   l 6457   E66/70$F H l C >g n  l 6L5 z  E71/75$F H l C >  l 6 O5   E76/80$F H l C >&\b l 6T5jjY E81/85$F H l C > O  l 6Y5 \  E86/90$F H l C > *  l 6^54 #  E91/95$F H l C >   l 6Ld5 #  E96/00$F  l <(h5 ?"6@ NNN?N YV  ^ Unemployment    l 6V5 US vs UE: Philips Curves\H,H l 0޽h ? 33___PPT10i.D!r+D=' = @B +bA y@q@p @(  p?Z  p# "T p c $X99? p 6o59 }Per capita GDP (% EU average)*EA p 6u5Pd Q :  p 6 t5 | :  p 6l|5`:a : B p 3   <B  p #   <B  p #   <B  p #   <B  p # 2 3 <B  p #  <B p # b c<B p #  <B p #  <B p #   _ <B p #    <B p #   <B p #   <B p # j k <B p # 3 4 <B p #   <B p #   <B p #   <B p # Y  Z  <B p # #  $  <B p #    <B p #    <B p #    <B p # J  K  <B  p #   <B !p #   <B "p #   <B #p # p q <B $p # 9 : <B %p #   <B &p #   <B 'p #   <B (p # _ ` B )p 3 rB *p 3 B +p 3 B ,p 3 ,B -p 3 QcB .p 3 B /p 3 B 0p 3 B 1p 3  B 2p 3 0CB 3p 3 hzB 4p 3 B 5p 3 B 6p 3 "B 7p 3 GYB 8p 3 B 9p 3 B :p 3 B ;p 3 &8B p 3 B ?p 3 B @p 3 B Ap 3 =OB Bp 3 tB Cp 3 B Dp 3 B Ep 3 B Fp 3  . 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Contents7European integration and the process of globalisation"How is the EU economy performing?'The European economic and social modelDiapositiva 6Growth malaise most worryingDiapositiva 8Diapositiva 9Diapositiva 10Diapositiva 11Diapositiva 12<European long-term economic performance: where do we stand?"Whan can explain such low growth?Other factorsR + D expenditure (% GDP)*Expenditure in tertiary education (% GDP)Europe recognises its problems ChallengesWhat is at stake? The European model under strainWhat should be done?To do list: National level To do list: European level ConclusionsDiapositiva 2641. Complete and make more dynamic the Single Market!2. More investment in knowledge3. Redesign cohesion policy4. More symmetric macro policy5. Better economic governance6. 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