The Sustainability of the European Model of Development Facing the Challenges of the New Era

During its existence, EU has developed a socio-economic model defined in terms of responsibility, regulation and redistribution, aiming to provide for all member states both economic growth and social cohesion. Although we could identify more types of models within member states in accordance to the European diversity, there is one European model of development defined through certain common characteristics such as: specific institutions and decision-making processes, sectoral common policies, a single market, the four fundamental freedoms and a focus on the issues imposed by the knowledge based society. EU experience has demonstrated that its socio-economic model brings more benefits in terms of market opportunities, work force and technology transfer, but currently, due to the problems brought by the global economic crisis and the challenges of the new type of society we are heading to, many questions raise regarding the sustainability of this model and its capacity to continue to be a source of growth and prosperity for all member states, many of them following it as a way to overpass their underdevelopment issues. At present, EU is still looking for the proper instruments to provide its competitiveness, fully supporting the principle of solidarity.