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A Golden Investment-Rule for Europe

[02-03-2015]
AK EUROPA, the Brussels office of the Austrian Federal Chamber of Labour, and the ÖGB Europabüro, the Brussels office of the Austrian Trade Union Federation, would like to invite you to our podium discussion:

As a direct consequence of the economic and financial crisis, the EU suffers from unusually low levels of private and public investment and historically high levels of unemployment. The European Commission's own calculations demonstrate that weak investment is behind a sluggish recovery in the EU, while other economic regions have returned to growth and job creation. In 2014, total investment in the EU was still 15% - or a staggering EUR 430 billion - below 2007 levels. Public investment fell from 3.5 percent of GDP (2010) to 2.9% in 2014.

Contrary to the Barroso-Commission, the new Juncker-Commission has identified this investment gap as one of the major stumbling blocks for recovery and job creation in Europe. The recently presented “Investment Plan for Europe”, as well as timid proposals to relax the Stability and Growth Pact, suffer from the inherent ideological bias towards balanced budgets and an overreliance on private investments. The Juncker Plan relies on highly insecure leveraging of far too little public funds in the hope of finding private investors at times when business confidence is extremely low. Within the constraints of the overall rigour of the existing economic governance architecture of the Eurozone, it still neglects the fundamental role of public investments during economic downturns.

Therefore, the European economic governance framework needs to be complemented by the “Golden Investment-Rule”, under which public deficits can be acceptable if they are used to finance investments that benefit future generations. Such a Golden Rule offers important advantages. Unlike proposals to provide more leeway for fiscal policy in general, it provides particular support for public investment as an essential element of public spending.

One of the main arguments used against a “European Golden Investment-Rule” within the EU's fiscal policy framework is the alleged difficulty to find common definitions for key technical accounting and statistical variables. For the first time in Brussels, Professor Achim Truger will present a brand-new study that will show how a “European Golden Investment-Rule” can be put into action.


Amongst others on the panel:

Achim TRUGER
,
Professor, Berlin School of Economics and Law

Markus MARTERBAUER,
Head of Economics Department, Chamber of Labour Vienna

N.N.
European Commission


The discussion will be held in English.
After the discussion we invite you to a buffet dinner.

Please register until 27 February by using the following links:


I will participate

I can not participate



For further information:
Tel: 02 230 62 54 oder 02 230 74 63

E-Mail: office@akeuropa.eu oder europabuero@oegb-eu.at

 

 


 

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