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Structural Challenges for Europe

Edited by Gertrude Tumpel-Gugerell and Peter Mooslechner

The main thrust of the book is that the sharing of mutual experiences is important for generating an acceptable policy mix, both at EU and national levels. The contributors highlight key financial issues, including the role of FDI and of foreign banks in the still ‘under-banked’ acceding countries, the re-launch of social security systems and the fiscal challenges of financing the catch-up process. They also examine the ongoing EU debate surrounding the application of the Stability and Growth Pact in Central and Eastern European Countries (CEECs) and go on to explore the contrasting evidence that some CEECs have shown more extensive privatisation efforts than some EU countries.
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Chapter 29: The 'new Europe' looking ahead to 2020

Richard Webb


29. The ‘new Europe’ – looking ahead to 2020 Richard Webb Presenting this paper at the Oesterreichische Nationalbank’s East–West Conference 2002, for which I first drafted this chapter, was my first direct contact with an extraordinary social enterprise – the building of a new Europe. Until very recently, Europe existed only as a geographical abstraction – the area called ‘Europe’ on our maps. Today, a living, social organism is being created, a society with civilized rules of behaviour and interaction. It is less than a country or nation but much more than a name on a map. I call it a ‘new Europe’, but that understates the change. In a fundamental sense, what is being created is the first true Europe. I have been invited to look into the future of this new society, and to speculate on its role in the world economy. The view that I will offer you will be that of a Peruvian, a Latin American and, more generally, an observer from one of the world’s poor countries. And the question from our perspective is – what will this new Europe mean for our countries? My answer is positive and hopeful. I believe that Europe, as it evolves towards the year 2020, will contribute in several, significant ways to the emerging societies of the world. Allow me to suggest some reasons for that optimistic forecast. ROLE MODEL Europe’s first and perhaps most important contribution to the developing world will be as a role model. This is because...

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