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2017-11-30_Presentation_Vandenbroucke_Budapest

From the Gothenburg Summit to a Social Union… we need both clear thinking and hands-on delivery Frank Vandenbroucke Millennium Institute conference 30th November 2017 Budapest 30 • The functional necessities of EMU: – EES: supply-side flexibility New insight: labour market institutions that support stability Cluster policy principles for an effective stabilisation capacity in MS: sufficiently generous unemployment benefits notably short-term; sufficient coverage rates benefit schemes; no segmentation leaves part force poorly insured against unemployment; proliferation employment relations are not integrated into systems social insurance; activation unemployed individuals Labour can deliver on wage coordination: monitor competitiveness should be embedded dialogue distributive concerns mainstreamed monitoring => Convergence some key features Eurozone welfare states Traditional view: European aspiration: simultaneous pursuit economic progress cohesion within countries (development states) between (upward convergence across EU) integration human capital through investment policies EU stimulate MS develop ‘dual use ’ packages pursue upward internal Upward quality is condition long-term Reducing background inequalities families with children investing child care education contribute national EU-wide “Rising income inequality has significant impact growth large because it reduces poorer segments poorest 40% population precise invest their skills ” (OECD In Together … 2015) Overlapping priorities resilient EMU collective bargaining transparency predictability minimum wages ECEC better protection perspectives households weak attachment markets (minimum / incentives low-skilled labour…) Clear Credible roadmap combining… legislation Policy coordination benchmarking Funding instruments (tangible MS) Mainstreaming fiscal surveillance Semester Union Europe 27 https://www socialeurope eu/gothenburg-social-summit-european-social- union Barnard De Baere (eds ) A after Crisis Cambridge: Cambridge University Press September https://doi org/10 1017/9781108235174 Structural versus competition: limits diversity Economic Monetary ECFIN discussion paper 065 Commission Directorate-General Financial Affairs Brussels 20 July http://ssrn com/abstract=3008621 All publications: www frankvandenbroucke uva nl