- Martin Schindler, Helge Berger, Bas Bakker, and Antonio Spilimbergo
- Published Date:
- April 2014
Jobs and Growth: Supporting the European Recovery
Martin Schindler, Helge Berger, Bas B. Bakker, and Antonio Spilimbergo
© 2014 International Monetary Fund
Joint Bank-Fund Library
Jobs and growth : supporting the European recovery / editors, Martin Schindler, Helge Berger, Bas B. Bakker, and Antonio Spilimbergo. — Washington, D.C. : International Monetary Fund, spring 2014.
pages ; cm
Includes bibliographical references and index.
1. Economic development—Europe. 2. Labor market—Europe. 3. Job creation—Europe. I. Schindler, Martin, 1971–. II. Berger, Helge. III. Bakker, Bas Berend. IV. Spilimbergo, Antonio. V. International Monetary Fund.
Disclaimer: The views expressed in this book are those of the authors and should not be reported as or attributed to the International Monetary Fund, its Executive Board, or the governments of any of its member countries.
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Martin Schindler and Helge Berger
Fabian Bornhorst and Marta Ruiz-Arranz
Bas B. Bakker and Li Zeng
S. Ali Abbas, Bernardin Akitoby, Jochen Andritzky, Helge Berger, Takuji Komatsuzaki, and Justin Tyson
Cristina Cheptea, Jaime Guajardo, Ioannis Halikias, Emilia Jurzyk, Huidan Lin, Lusine Lusinyan, and Antonio Spilimbergo
Dmitriy Kovtun, Alexis Meyer Cirkel, Zuzana Murgasova, Dustin Smith, and Suchanan Tambunlertchai
Derek Anderson, Bergljot Barkbu, Lusine Lusinyan, and Dirk Muir
Cristina Cheptea and Delia Velculescu
Ruben Atoyan, Jonathan Manning, and Jesmin Rahman
Jesmin Rahman and Tianli Zhao
The European financial crisis of 2008–09 was unique in its severity and breadth. It caused a deep recession, and unemployment surged across the continent. Stimulative macroeconomic policies, including strong monetary support from the European Central Bank, helped restore stability, and progress was made in strengthening euro area institutions. Nevertheless, growth is picking up only slowly, and with nearly 20 million Europeans still out of work, the crisis is not truly over.
As the need for stabilization measures has receded, it is now time to take a longer view. In Europe, as elsewhere, economic growth is crucial for creating jobs—but lifting growth in a durable manner is no easy undertaking. This is where this book comes in: drawing from the expertise of IMF staff, it proposes a road map for strengthening Europe’s medium-term recovery and boosting prospects for its long-term growth.
The IMF has a unique vantage point in this debate. It combines thorough knowledge of European country circumstances, reflecting close relationships with national authorities across the continent, with experience around the world helping its global membership respond to policy challenges and financial crises.
Beyond conjunctural policies and the need for deeper integration, the book focuses on three medium-term priorities that will have to be addressed in parallel: reducing high levels of public and private debt, implementing product and labor market reforms, and taking advantage of new growth opportunities through innovation and further integration into global production and trade linkages.
This road is certainly challenging. Strengthening and sustaining growth is a complex process that requires action on many fronts. But there can be no doubt that this is the time to act and move ahead with ambitious reforms. Fast progress along the road map laid out in this book is important not only for Europe, but for the global economy as a whole.
International Monetary Fund
The following three-letter country abbreviations are used in some of the figures in this volume.Code
Bosnia and HerzegovinaBLR
Macedonia, former Yugoslav Republic ofMLT