The economic future of europe
By: Olivier Blanchard.
Contributors: Blanchard, Olivier; National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 10310; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 10310.
Publisher: National Bureau of Economic Research
Published: 2004
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "After three years of near stagnation, the mood in Europe is definitely gloomy.  Many doubt that the European model has a future.  In this paper, I argue that things are not so bad, and there is room for optimism.  Over the last thirty years, productivity growth has been much higher in Europe than in the United States.  Productivity levels are roughly similar in the European Union and in the United States today.  The main difference is that Europe has used some of the increase in productivity to increase leisure rather than income, while the U.S.  has done the opposite.  Turning to the present, a deep and wide ranging reform process is taking place.  This reform process is driven by reforms in financial and product markets.  Reforms in those markets are in turn putting pressure for reform in the labor market.  Reform in the labor market will eventually take place, but not overnight and not without political tensions.  These tensions have dominated and will continue to dominate the news; but they are a symptom of change, not a reflection of immobility"--National Bureau of Economic Research web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 1/24/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.