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The EU Growth Strategy and the Impact of Aging

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  • Karl Pichelmann
  • Werner Roeger

Abstract

The paper looks at the main challenges to raise potential growth in the EU. It examines recent progress made regarding the structural reform efforts in EU product, labor, and financial markets, and it attempts to assess their impact on overall macroeconomic performance in terms of output and (un‐)employment. The paper then proceeds to analyze the likely consequences of population aging for the growth rate of potential output and per capita incomes, emphasizing the fairly dramatic economic and budgetary implications of the decline in the EU's working‐age population if governments do not take offsetting policy actions.

Suggested Citation

  • Karl Pichelmann & Werner Roeger, 2004. "The EU Growth Strategy and the Impact of Aging," Review of International Economics, Wiley Blackwell, vol. 12(2), pages 213-232, May.
    • Handle: RePEc:bla:reviec:v:12:y:2004:i:2:p:213-232
    DOI: 10.1111/j.1467-9396.2004.00444.x
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    References listed on IDEAS

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    1. Robert J. Barro, 2013. "Inflation and Economic Growth," Annals of Economics and Finance, Society for AEF, vol. 14(1), pages 121-144, May.
    2. Stephen Nickell, 2003. "Labour Market Institutions and Unemployment in OECD Countries," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 1(02), pages 13-26, October.
    3. Nickell, Stephen & Layard, Richard, 1999. "Labor market institutions and economic performance," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 46, pages 3029-3084, Elsevier.
    4. Carlin, Wendy & Mayer, Colin, 2003. "Finance, investment, and growth," Journal of Financial Economics, Elsevier, vol. 69(1), pages 191-226, July.
    5. repec:ces:ifodic:v:1:y:2003:i:2:p:14567946 is not listed on IDEAS
    6. Xavier Sala-I-Martin, 1997. "Transfers, Social Safety Nets, and Economic Growth," IMF Staff Papers, Palgrave Macmillan, vol. 44(1), pages 81-102, March.
    7. K. Mc Morrow & W. Röger, 2002. "EU pension reform - An overview of the debate and an empirical assessment of the main policy reform options," European Economy - Economic Papers 2008 - 2015 162, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    8. Sanghoon Ahn, 2002. "Competition, Innovation and Productivity Growth: A Review of Theory and Evidence," OECD Economics Department Working Papers 317, OECD Publishing.
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    Cited by:

    1. Thomas Davoine, 2023. "The joint macroeconomic impacts of capital markets integration and fertility," Review of International Economics, Wiley Blackwell, vol. 31(2), pages 687-720, May.
    2. Nick Adnett & Stephen Hardy, 2007. "The peculiar case of age discrimination: Americanising the European social model?," European Journal of Law and Economics, Springer, vol. 23(1), pages 29-41, February.
    3. José Pastor & Empar Pons & Lorenzo Serrano, 2010. "Regional inequality in Spain: permanent income versus current income," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 44(1), pages 121-145, February.

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