“Europa 2020”, nuovo governo economico e ri-regolamentazione finanziaria:incentivi o vincoli alla crescita?(“Europe 2010”, a new economic governance and financial re-regulation: incentives or constraints to growth?)

Abstract

Despite the launch of a new strategy for growth in Europe (the Europe 2020 strategy) and the ongoing efforts to design a new international financial architecture, prospects for an economic recovery of Europe remain dim. Public deficits and debts will have to be reduced at a faster pace, with contractionary effects unless a strong recovery of private expenditure will materialize. Financial re-regulation is projected to further depress the economy by imposing higher capital ratios, lower leverage, a late (though welcome) discipline of liquidity. The compound effect of the two policy trends pose a serious threat on the social sustainability of the European social market economy. JEL: H6, F3, O52