如何促进欧洲的经济增长

Isabel SchnabelMember of the Executive Board RubricStaff projections confirm medium-term price stability as economy grows close to potential RubricEuro area economy proves resilient despite tariffs, driven by services sector RubricDomestic demand in the euro area has recovered, supported by resilient labour market RubricECB rates in a good place and expected to remain at current levels for extended period RubricNeed to revive growth as fiscal burden from government expenditures rises Government interest expenditures RubricGrowth in the euro area has fallen behind, partly due to missed digital revolution RubricEA global export market shares have fallen sharply, with China becoming key competitor RubricSingle market offers large opportunities, but internalbarriers are holding back growth RubricScaling up firms could measurably increase productivity growth Rise in manufacturing sector productivity if firms were asproductive and large as firms at the global frontier? Idea:EU-wide legal formfor businesses that allows firms to easilyscale up across the EU Critical aspects: •Focus on corporate law, not labour law, social security systems, tax law•Open to all companies•Ideally implemented via regulation Main advantages: oLower regulatory and administrative burdensoEasier to attract (global) capitaloHigher legal certainty RubricInnovation is essential to foster potential growth and requires risk capital RubricAgeing population constrains production & innovation, increasing the need for immigration RubricEuropean strategic autonomy requires a step-up in defence and technology RubricFirms must de-risk to escape weaponisation of critical raw materials RubricDigital € as public anchor, preserving sovereignty and reducing fragmentation Notes: Share of international card schemes by volume in totalelectronically initiated card payments with cards issued in theeuro area and transactions acquired worldwide, i.e. in any non- Notes: Shares are presented as a proportion of all day-to-daypayments in the euro area, in number terms.In the questionnaire,mobile payments are defined as payments made with a mobilephone, smartwatch or fitness armband, or another smart device. Latest observation: 2024. RubricThe euro’s international role remains strong and should be strengthened further RubricExpanding trade partnerships can help offset export losses from tariffs •FTA being adopted withMERCOSUR,India and Indonesia •FTA being negotiated with Australia,Malaysia, Philippines, Thailand and the