Europe 2020 Strategy And Its Impact On Global Financial Crisis

1815 WordsDec 1, 20148 Pages
The Europe 2020 Strategy strives to achieve smart, sustainable and inclusive growth, as well as greater policy coordination between the EU and its national governments. The financial crisis that had its origins in the US housing market triggered a sovereign debt crisis in Europe, with the risk of contagion to other member states. The Europe 2020 strategy was designed as a way of overcoming the 2008 global financial crisis through economic policy cooperation. It is an improvement and builds on the targets set out in 2000 Lisbon Strategy. Therefore, it is almost impossible to discuss the Europe 2020 strategy without referring to its predecessor. This essay’s main argument is that the Europe 2020 strategy is inadequate because it is too ambitious, and consequently, this makes it difficult to implement it effectively among the member states. This essay is divided into four parts: first, it will provide an overview of the Lisbon strategy and its limits and consequently, the need for a more enhanced strategy in Europe 2020 which would ideally be better equipped to tackle the effects of the global financial crisis in Europe. Second, it will discuss in more detail the objectives of Europe 2020 in the context of the global financial crisis and how it sought to manage the effects of the crisis through proposals and economic governance mechanisms. Third, it will examine the weaknesses of the Europe 2020 strategy in terms of achieving the targets that it has set out. Finally, it
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