For Fabio Panetta, the root of the low productivity of the European economy is its insufficient capacity for innovation, which, in turn, is due to the lack of dynamism in the business sector
The European Union needs to establish a common spending program to finance strategic investments essential to increase productivity and keep pace with the United States, said the head of the European Central Bank (ECB) Fabio Panetta, this Tuesday (3).
According to him, the root of the low productivity of the European economy is its insufficient capacity for innovation, which, in turn, is due to the lack of dynamism in the business sector. Creating a common fiscal capacity to finance public goods would help Europe overcome this anomaly, Panetta said.
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“To take on the US, we need to build an economy that can grow, innovate and generate widespread prosperity. No Member State can do this alone. We need coordinated action at European level”, he added.
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