Is The Europe 2020 Strategy An Adequate Response For The Effects Of The Global Financial Crisis?

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Is the Europe 2020 Strategy an adequate response to the effects of the global financial crisis? Introduction The global financial crisis of 2008-09 that spread contagiously across the globe has particularly hit the European economies hard, accentuating turmoil in the world financial markets and precipitating the European sovereign debt crisis almost instantaneously. This has consequently wiped away all of EU’s accomplishments in economic growth and job creation (European Commissiona 2010:3). Statistics published subsequently exposed the magnitude of the crisis: real GDP contracted by 4%, unemployment soared at an unprecedented level, deterioration of public finances, and the fragmentation of social cohesion in the EU (Eurostat 2010). The…show more content…
The essay will draw heavily on the interpretation of the original documents of the EU, particularly the European Commission. In addition, quantitative interpretation of the Europe 2020 target levels and the current progress will be reviewed. Moreover, peer-reviewed articles and policy reviews by commentators will also be deliberated to provide for a critical evaluation of the adequacy of the Europe 2020 strategy. The essay will begin with an overview of the Lisbon Strategy, the predecessor of the Europe 2020 strategy. This section will particularly focus on the Open Method of Coordination (OMC) and the weaknesses of the Lisbon Strategy, highlighting the appropriateness for a new response in the light of the global financial crisis. The second part of the essay will explore the thematic nature of the Europe 2020 strategy, especially the individual targets set by the European Commission. Although the Strategy is more streamlined, the level of targets set is nevertheless too ambitious especially with the current situation in the global economic and financial market. The next section of the essay will consider the new governance structure envisaged in the Europe 2020 strategy, particularly the European Semester, which promotes greater policy-coordination and surveillance between member states in achieving the Europe 2020 goal (The European Semester). In addition, the essay will also briefly inspect the changes in the ownership of the strategy with
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