{"id":1457,"date":"2020-09-25T10:42:40","date_gmt":"2020-09-25T10:42:40","guid":{"rendered":"http:\/\/horizon.peachpuff-wolverine-566518.hostingersite.com\/?p=1457"},"modified":"2020-09-25T10:43:28","modified_gmt":"2020-09-25T10:43:28","slug":"coronavirus-recovery-europe-needs-investment-on-a-wartime-footing","status":"publish","type":"post","link":"https:\/\/scienceblog.com\/horizon\/1457\/coronavirus-recovery-europe-needs-investment-on-a-wartime-footing\/","title":{"rendered":"Coronavirus recovery: Europe needs investment on a \u2018wartime footing\u2019"},"content":{"rendered":"<div class=\"field field-name-field-header field-type-text-long field-label-hidden\">\n<div class=\"field-items\">\n<div class=\"field-item even\">\n<p class=\"selectionShareable\"><strong>European governments need to provide investment on a \u2018wartime footing\u2019 to stimulate a post-coronavirus economic recovery, but also need to redefine economic success to incorporate climate and social goals, the European Research and Innovation Days conference has heard.<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"field field-name-body field-type-text-with-summary field-label-hidden\">\n<div class=\"field-items\">\n<div class=\"field-item even\">\n<p class=\"selectionShareable\">Speaking about how Europe can best achieve a sustainable and inclusive recovery, Stephanie Kelton, a professor of economics at Stony Brook University in the US, said: \u2018(What countries need) is a level of sustained support, of investment, on a wartime footing.\u2019<\/p>\n<p class=\"selectionShareable\">But, she warned that having the euro means that many European governments do not now have control of their own currencies \u2013 removing a key mechanism that governments typically use to stimulate their economies and potentially jeopardising this investment.<\/p>\n<p class=\"selectionShareable\">\u2018If the question is: \u201cWhat can governments in Europe do to provide the financing?\u201d the answer is, for most of the governments in the EU, not all that much,\u2019 she said.<\/p>\n<p class=\"selectionShareable\">She said the role of the European Central Bank (ECB) in continuing to ensure that governments can access affordable financing on the scale that they need will be crucial. Currently, the ECB has\u00a0<a href=\"https:\/\/www.ecb.europa.eu\/home\/search\/coronavirus\/html\/index.en.html\">a series of measures<\/a>\u00a0to\u00a0mitigate the economic impact of the pandemic, including an emergency purchase programme to lower borrowing costs and increase lending in the euro area.<\/p>\n<p class=\"selectionShareable\">Prof. Kelton&#8217;s comments came as part of a broader discussion about how to shape Europe\u2019s economic recovery to not only recover from the coronavirus pandemic but also in a way that will enable us to tackle the climate emergency, inequality and other major challenges.<\/p>\n<p class=\"selectionShareable\">\u2018We need responses and visions and economic frameworks that bring these (challenges) together and don\u2019t try to respond to them one at a time,\u2019 said Kate Raworth from Oxford University in the UK. She has developed a model known as doughnut economics, which sets out a framework for an economy which meets everyone\u2019s basic needs within the means of the living planet.<\/p>\n<p class=\"selectionShareable\">\u2018The idea of the doughnut is to leave no one in the hole in the middle, falling short on the essentials of life \u2013 without food, water, health, transport, housing, income, gender equality, political voice,\u2019 she said. \u2018If we use Earth\u2019s resources too much, in the wrong way, we push ourselves over an outer limit. We cause breakdown of the life-supporting systems on which the planet depends.\u2019<\/p>\n<p class=\"selectionShareable\">She says this kind of vision is vital. \u2018If we don\u2019t know where we\u2019re going, how the heck do we know what to do tomorrow?\u2019<\/p>\n<p class=\"selectionShareable\"><strong>Rethink<\/strong><\/p>\n<p class=\"selectionShareable\">Prof. Kelton said that as countries start to\u00a0<a href=\"https:\/\/horizon-magazine.eu\/article\/prosperity-about-more-money-what-else-should-count.html\" target=\"_blank\" rel=\"noopener noreferrer\">move away from measuring economic success purely in terms of GDP growth<\/a>\u00a0and towards broader indicators such as wellbeing, this should be reflected in the criteria for giving governments access to funds. \u2018We need to replace fiscal targets with climate targets, with social targets &#8211; we need a real rethink here,\u2019 she said.<\/p>\n<p class=\"selectionShareable\">Mariana Mazzucato, an economics professor at University College London (UCL), UK, said that Europe was experiencing \u2018a real Marshall moment\u2019 \u2013 a reference to the post-World War II\u00a0<a href=\"https:\/\/www.marshallfoundation.org\/marshall\/the-marshall-plan\/history-marshall-plan\/\" target=\"_blank\" rel=\"noopener noreferrer\">Marshall plan<\/a>\u00a0to rebuild Europe with US financing \u2013 which she said can be used to achieve wider goals, such as tackling the climate crisis.<\/p>\n<p class=\"selectionShareable\">\u2018We have a very large\u00a0<a href=\"https:\/\/www.politico.eu\/article\/eu-leaders-reach-deal-on-coronavirus-recovery-fund\/\" target=\"_blank\" rel=\"noopener noreferrer\">recovery fund<\/a>, and for the first time in a long time, that fund is conditional on the member states actually investing, having a plan around climate, digitalisation and health,\u2019 she said. \u2018It\u2019s no longer about cutting deficits \u2013 this time it\u2019s about: \u201cWhere\u2019s your plan?\u201d And I think this is a really important moment.\u2019<\/p>\n<p class=\"selectionShareable\">However, with\u00a0<a href=\"https:\/\/www.theguardian.com\/environment\/2020\/sep\/23\/few-countries-living-up-to-green-recovery-promises-analysis\" target=\"_blank\" rel=\"noopener noreferrer\">reports that many of the world\u2019s economic recovery packages are likely to increase greenhouse gas emissions<\/a>, Sandrine Dixson-Decl\u00e8ve, chair of the\u00a0<a href=\"https:\/\/ec.europa.eu\/info\/research-and-innovation\/strategy\/support-policy-making\/support-eu-research-and-innovation-policy-making\/esir_en\" target=\"_blank\" rel=\"noopener noreferrer\">EU\u2019s expert group on the economic and societal impact of research and innovation (ESIR)\u00a0<\/a>, warned of a \u2018disconnect\u2019 between the aspiration to build a wellbeing economy that is resilient against future crises and what is happening on the ground.<\/p>\n<p class=\"selectionShareable\">\u2018Right now, what we\u2019re seeing is a real problem of going back to business as usual in the way that budgets are being spent.\u2019<\/p>\n<p class=\"selectionShareable\">But Carlota Perez, a researcher and expert in technology and socio-economic development, and an honorary professor also at UCL, said this didn\u2019t have to be the case. \u2018(There is) a big confusion that exists today. Most (economic) growth advocates think that green is an obstacle, and many green advocates want to stop growth. Saving the planet is the best way to save the economy.\u2019<\/p>\n<div class=\"quote-view quotesBlock quote_horizontal\">\n<blockquote>\n<p class=\"selectionShareable\">\u2018(There is) a big confusion that exists today. Most (economic) growth advocates think that green is an obstacle, and many green advocates want to stop growth. Saving the planet is the best way to save the economy.\u2019<\/p>\n<p class=\"selectionShareable\">Carlota Perez, Technology and Socio-economic Development Expert<\/p>\n<\/blockquote>\n<\/div>\n<p class=\"selectionShareable\"><strong>Pivotal moment<\/strong><\/p>\n<p class=\"selectionShareable\">Over the course of the three-day conference from 22-24 September, which brought scientists, entrepreneurs, policy makers and the general public together to discuss the future of European research and innovation, there was broad agreement that the coronavirus pandemic provides a pivotal moment to renew efforts to tackle longer-term challenges such as climate change and biodiversity loss, as well as to reshape our economies.<\/p>\n<p class=\"selectionShareable\">Mariya Gabriel, EU Commissioner for Innovation, Research, Culture, Education and Youth told the first day\u2019s audience: \u2018I think that in every crisis there is an opportunity. We have seen in this crisis an opportunity to overcome challenges, to innovate, to propose new solutions and new ways of doing things. And I think Covid-19 has definitely shown &#8230; how important research and innovation and education is to provide solutions.\u2019<\/p>\n<p class=\"selectionShareable\">But in addition to optimism \u2013 particularly about the potential for research and innovation to build a fairer, sustainable and resilient Europe, there was an undertone of urgency.<\/p>\n<p class=\"selectionShareable\">\u2018We live in an extremely complicated time,\u2019 Frans Timmermans, an Executive Vice President of the European Commission told the conference. \u2018It is a time of great turmoil, it is a time of tectonic change because humanity is faced with a challenge to its very existence through the climate crisis, the biodiversity crisis.<\/p>\n<p class=\"selectionShareable\">\u2018At the same time, the geopolitical relations are changing very quickly \u2013 because of demographics, because of the economy \u2013 and on top of all that we\u2019re in the middle of an industrial revolution.<\/p>\n<p class=\"selectionShareable\">\u2018We all need to adapt to a different future now.\u2019<\/p>\n<p><em>Published by <a href=\"https:\/\/horizon-magazine.eu\/\">Horizon<\/a><\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>European governments need to provide investment on a \u2018wartime footing\u2019 to stimulate a post-coronavirus economic recovery, but also need to redefine economic success to incorporate climate and social goals, the European Research and Innovation Days conference has heard. Speaking about how Europe can best achieve a sustainable and inclusive recovery, Stephanie Kelton, a professor of &#8230; <a title=\"Coronavirus recovery: Europe needs investment on a \u2018wartime footing\u2019\" class=\"read-more\" href=\"https:\/\/scienceblog.com\/horizon\/1457\/coronavirus-recovery-europe-needs-investment-on-a-wartime-footing\/\" aria-label=\"Read more about Coronavirus recovery: Europe needs investment on a \u2018wartime footing\u2019\">Read more<\/a><\/p>\n","protected":false},"author":309,"featured_media":1458,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"generate_page_header":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[121],"tags":[],"class_list":["post-1457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-policy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Coronavirus recovery: Europe needs investment on a \u2018wartime footing\u2019 - Horizon Magazine Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceblog.com\/horizon\/1457\/coronavirus-recovery-europe-needs-investment-on-a-wartime-footing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coronavirus recovery: Europe needs investment on a \u2018wartime footing\u2019\" \/>\n<meta property=\"og:description\" content=\"European governments need to provide investment on a \u2018wartime footing\u2019 to stimulate a post-coronavirus economic recovery, but also need to redefine economic success to incorporate climate and social goals, the European Research and Innovation Days conference has heard. 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