Welfare, Wealth and Work for Europe: a new socio-ecological growth path for Europe

Wien (OTS) - WWWforEurope, a programme funded by the European
Commission to investigate options for and feasibility of a new
socially balanced and environmentally sustainable growth path for
Europe, is entering its home stretch. Over a hundred scientific
contributions have been furnished to draw preliminary conclusions and
develop economic policy recommendations.

Currently, Europe is confronted with challenges of multiple
dimensions. Low economic growth leads to high and persistent
unemployment which in turn fosters social tensions. Income and wealth
inequality is on the rise. Efforts to consolidate public households
in the aftermath of the financial crisis restrict the room for
manœuvre needed to cope with the challenges posed by globalisation,
technological innovation, climate change, resource depletion and
demographic shifts.

The EU is about to miss its environmental targets as well as its
poverty reduction targets. New strategies to respond to short- and
medium-term challenges are urgently needed.

In 2012, the EU initiated a four-year interdisciplinary project on
"Welfare, Wealth and Work for Europe" (WWWforEurope) which comprises
34 European research institutions from 12 countries, coordinated by
WIFO, working on an evidence-based design of a new socially balanced
and ecologically sustainable growth path for Europe.

This research is based on the latest findings in the fields of
economics, demography, ecology, political science, gender research
and economic history. The research process is supervised by a
scientific committee (made up, i.a., of Kenneth Joseph Arrow, Tony
Atkinson, Graciela Chichilnisky, Barry Eichengreen, Jean-Paul
Fitoussi, Paul de Grauwe and Jeffrey Sachs) and a policy board
(including Gunilla Almgren, Guiliano Amato, Franz Fischler, Helga
Nowotny, Juliet Schor, Bernadette Ségol) whose members guarantee the
scientific quality and political feasibility of the project's
implementation.

The project is currently in its final stage and so far comprises
over a hundred scientific contributions ( see www.foreurope.eu ).
Based on this extensive research, it is possible to arrive at some
preliminary policy conclusions. At a Feedback Conference in Vienna on
the 5 th and 6 th of May 2015, project partners informed important
national and European stakeholders as well as representatives from
the European Commission and academia of the progress made and
discussed with them preliminary results of the project. Furthermore,
the WWWforEurope Best Paper Award was conferred on Marlene Karl, the
Best Paper Award for Young Researchers was received by Stefanie
Gerold and Matthias Nocker.

A press conference held at 11:15 a.m. on 6 May 2015 included the
following statements:

Karl Aiginger (WIFO):

"Europe is at a crossroads. Business as usual is no longer
efficient, leads to low dynamics, employment and loss of
technological lead in renewables. Europe should go for excellence in
skills and labour market activation, should lead in energy efficiency
and renewables, and should offer these technologies to its
neighbours…"

Catherine L. Mann (OECD Chief Economist):

"The 'New Approaches to Economic Challenges' initiative (NAEC) should
trigger a change process within the OECD towards new approaches that
highlight the importance of well-being as a goal of policy-making,
call for tackling rising inequalities, strive to better integrate
finance in economic analysis and modelling, and overall develop a
deeper understanding of the interrelationships between fiscal,
monetary, and structural policies."

Thomas Leoni (WIFO):

"New challenges, ageing, new technologies, rising unemployment,
globalisation and migration require adjustments in the European
welfare state. On average, government spending on social issues
accounts for one third of GDP in Europe and represents the largest
single item in government budgets. An inclusive social model is a
defining characteristic of the European model and can, together with
ecological excellence, be a driver of competitiveness and
sustainability. Social expenditures should be understood not only as
a cost factor, but also as an investment for addressing new
challenges."

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