Macroeconomic effects of Europe 2020 strategy

Abstract

Europa 2020 is an umbrella strategy of the European Union covering the years of 2011-2020 and aiming at economic growth while taking into account recent theories of economic growth and underlying importance of R&D along with innovations. Although, recent financial and economic crisis took a lot of attention towards solving the fiscal and financial problems related to the public debt, governmental budgets, structural reforms, bailouts of the banks and of the entire countries in Europe, - the economic growth, although being reconsidered, gets back to the economic agenda of the countries. The analysis of macroeconomic impact of Europe 2020 strategy has been done on the basis of correlation and cluster analysis, while using 19 statistical indicators in total, basically for the historical years of 2000-2010. Furthermore, economic experts were asked to provide for the opinion regarding external dimension of Europe 2020 strategy, while comparing the economic growth factors in the major economies of the World. The results got promising, although some problems remain.