Europe and the Latin Arc Countries
Edited by Roberto Camagni and Roberta Capello
Chapter 9: Policy Options for the Latin Arc
Roberto Camagni 9.1 GENERAL CONSIDERATIONS AND NATIONAL POLICY TASKS The present post-crisis context of advanced economies is profoundly characterized by a re-launching of public intervention in the economic field, in the form of: ● ● ● ● rescue policies, especially in the financial field as the crisis broke, short-term, anti-cyclical policies intended to boost internal demand and mainly involving the building, construction and infrastructure sectors (still in an early post-crisis phase), drafting new rules and regulations mainly concerning control over financial risks and most speculative financial products, and long-term, structural policies intended to strengthen production sectors and their orientation towards new technologies and new production paradigms. One of the most important efforts in economic policy making for the years to come will concern – according to the EU as well – strengthening the link between short- and long-term interventions, to be achieved through what are increasingly called ‘smart investments’. The general aim should be to revitalize internal demand while at the same time boosting the local and national competitiveness of the production system. Of course, in the recent evolution of the post-crisis period, a new and stringent constraint has emerged, and it is linked to the critical condition of public deficits and debts. In a sense, the crisis, which started mainly in the financial context and then hit the ‘real’ economic one, is bringing financial issues back to the forefront, with the difficulties, costs and risks taken by sovereign debts on the financial markets. This obviously implies a much more stringent path out of the crisis,...
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