Boosting The European Economy- How to Go Forward?

The unemployment rate stood at 9.70% in April 2015, with nations still struggling with their debt crisis. With the economic crisis refusing to go away, the time has come for taking a look at blue and green growth with a new perspective.  While resources and technological know-how isn’t a problem, effective cooperation between European countries seem to be a roadblock to development of European nations.

Developing the Economy

How can co-operation help the nations go forward? European nations need a strategy that looks at the long-term growth.

Environmental risk management and sustainable development is one issue while improving international business and transport corridors is another. Developing infrastructure is always a focus area for nations and the recession means that the European economy needs to focus on generating employment and growth as well.

For this purpose, the Government cannot spend all public money alone. There has to be collaboration with the private sector and SME’s. With private players coming in, it would fuel in more investment as well as help in rapid progress of the project, without the different bottlenecks.

Setting the Priorities Straight

So, what do European economies need to look at when coming out with a strategy? Here are four things that are a must to focus on.

  1. Sustainable growth

The European economy needs to focus on research and development and business investment in R&I. This serves well from a long term perspective and ensures that the economy is well protected in the future as well.

  1. Energy efficiency

Coastal areas, urban areas, islands and rural areas can spur the development of the European economy. Urban areas, for instance, spur innovation and socioeconomic activities. However, these areas often have to deal with environmental problems like pollution and GHG emissions that need to be addressed.

  1. Preservation of natural resources

Protecting natural sites and exploring its beauty is always a challenge. This can be done by different methods including promoting tourism, and managing protected sites in a better way.  For instance, islands can be huge economic opportunities for European nations and has an environmental and cultural dimension to it as well.

  1. Improved cooperation

There has to be a joint approach to fighting common challenges. European nations need to understand the specific problems unique to a region. Undertaking a series of studies and evaluations can do this.

The MED programme, by the European Union, serves on this front. There is a budget of more than 250M€ and the MED programme has a specific set of rules to measure progress and performance periodically. Many of the projects will have the participation of SME’s, leading to better utilization of resources.

The programme strives to do all this while focusing on energy efficiency and promotion of renewable energy and aims to bring about a sustainable business development model. This will help European economies to work towards a common goal, fight the different challenges together and understand each other better.

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