It's the policies... obsolete, superfluous & unpractical policies
The main reason, according to Dr. Nick Bloom, Associate Professor, LSE is that “Europe has worse management and organisational practices, which mean it is very inflexible.” Much of this inflexibility is the result of lack of clarity between the EU (as a central entity) and member nations on policies. Take the labour market for instance. Countries like France have not yet benefited from labour market regulation and with their stringent internal policies, the day is still far. High oil prices are eating into the earnings of people and the lopsided monetary policy of European Central Bank (ECB) is killing whatever economic sentiment is left, thus maintaining a constant level of unemployment and constantly lower levels of growth. Records show that EU has built assets which have under performed. The biggest being the Euro. The growth rates haven’t changed much pre and post Euro. Putting all the blame on the Lisbon agenda is like blaming the thermometer when one has the flu. A recent survey done by New York Times shows that people are unhappy with the way EU is handling the economy. Problems are more internal than external and need to be addressed soon enough.
The main reason, according to Dr. Nick Bloom, Associate Professor, LSE is that “Europe has worse management and organisational practices, which mean it is very inflexible.” Much of this inflexibility is the result of lack of clarity between the EU (as a central entity) and member nations on policies. Take the labour market for instance. Countries like France have not yet benefited from labour market regulation and with their stringent internal policies, the day is still far. High oil prices are eating into the earnings of people and the lopsided monetary policy of European Central Bank (ECB) is killing whatever economic sentiment is left, thus maintaining a constant level of unemployment and constantly lower levels of growth. Records show that EU has built assets which have under performed. The biggest being the Euro. The growth rates haven’t changed much pre and post Euro. Putting all the blame on the Lisbon agenda is like blaming the thermometer when one has the flu. A recent survey done by New York Times shows that people are unhappy with the way EU is handling the economy. Problems are more internal than external and need to be addressed soon enough.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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