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Cohesive Growth in Europe: A Tale of Two Peripheries

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  • Michael Dauderstädt

Abstract

Over the last two decades, income disparities between EU member states tended to decline, particularly before the financial crisis. While Central and Eastern Europe caught up with the EU average, Southern Europe fell behind after 2009. Catch-up growth in both peripheries relied on nominal convergence (real appreciation) and foreign capital. Further growth can and should be fostered by an economic policy that does not neglect domestic demand, stabilises capital markets and invests in research, education, health and intangibles.

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  • Michael Dauderstädt, 2021. "Cohesive Growth in Europe: A Tale of Two Peripheries," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 56(2), pages 120-126, March.
    • Handle: RePEc:spr:intere:v:56:y:2021:i:2:d:10.1007_s10272-021-0964-y
    DOI: 10.1007/s10272-021-0964-y
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    References listed on IDEAS

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    1. Servaas Storm & C.W.M. Naastepad, 2015. "Europe’s Hunger Games: Income Distribution, Cost Competitiveness and Crisis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 39(3), pages 959-986.
    2. Joong Shik Kang & Jay C. Shambaugh, 2016. "The rise and fall of European current account deficits," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 31(85), pages 153-199.
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