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Managing Economic Future: The future has already begun

Managing Economic Future: The future has already begun . The 2010 SEE Management Forum Bled- Kopaonik , 16 September 2010. International environment – key features. Two-speed world recovery (Asia , USA: Europe) Rising risk of inflation , interest rates , commodity prices

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Managing Economic Future: The future has already begun

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  1. Managing Economic Future:The future has already begun The 2010 SEE Management Forum Bled-Kopaonik, 16 September 2010

  2. International environment – key features • Two-speed world recovery (Asia, USA: Europe) • Rising risk of inflation, interest rates, commodity prices • Sovereign debt crisis • (New) sources of growth: innovation, green growth, trade Source: SORS; OECD Economic Outlook, May 2010

  3. Many challenges ahead for businesses Source: Commission’s analysis of the contributions to the public consultation on Europe 2020, November 2009-February 2010. Nearly 300 business stakeholders replied. 3

  4. Governments and markets after the crisis: finding a new balance • Where do we stand with fair and measured regulatory reform to strengthen the global financial system? How to reduce the risks posed to taxpayers and to broader social objectives ? • What is the respective role of markets and government to rebalance the world economy? What can improved co-ordination and better governance at the supra-national level achieve? • How to restore the sustainability of public finances without running into persistently high unemployment? Do high levels of public debt impair growth prospects? • How to match efficiency with fairness in modern welfare systems when public coffers are empty? What are the limits of market-driven growth to combat inequality, poverty and social exclusion?

  5. Post-crisis economic challenges for governments • Bringing public finance back to sustainable levels • Bolster growth prospects and strengthen credibility of institutions • Simultaneously tackle fiscal challenges and competitiveness problems • Implementation of structural reform efforts • Improving economic governance

  6. Improving EU Economic Governance • Reinforcing the Stability and Growth Pact and budgetary discipline • Introduction of the European Semester as of 2011 • Minimum requirements for national fiscal frameworks • Strengthening the debt criterion • New or better enforced existing sanctions • Surveillance of the macroeconomic imbalances in the EU based on a scoreboard

  7. Europe 2020: Seven Flagship Initiatives 7

  8. Regional challenge: Danube Strategy • Danube Strategy (EUSDR) - a framework for the implementation of Europe 2020 goals on a macro-regional level (8 EU MS) • Enhanced co-operation of 14 countries of the Danube area in limited number of priority areas, based on existing financial and institutional resources • SEE Management Forum Bled-Kopaonik - a valuable contribution of the management sector to the EUSDR implementation (to be included in the Action Plan)

  9. Domestic challenge: Slovenian Exit Strategy 2010–2013

  10. The Slovenian Exit Strategy Policy Mix • E1. INSTITUTIONAL ADJUSTMENTS: • CORPORATE GOVERNANCE • FINANCIAL SUPERVISION • PUBLIC SERVICES • COMPETITION • E2. STRUCTURAL MEASURES: • PENSION SYSTEM • HEALTH SYSTEM • LONG-TERM CARE

  11. Fiscal stability • Goal:government deficit reduction below 3% GDP until 2013 • Guiding principle: fiscal consolidation to be achieved by adjusting expenditure and not by increasing taxes • Fiscal rule: government expenditure linked to trend in growth of GDP • Program based budgeting: improving budgeting procedures • National development priorities: ►creation of new jobs and development of knowledge ► promotion and setting up of innovative businesses ► improved employability - qualifications of individuals ► development-oriented transport and energy infrastructure

  12. Aging-related challenge Labour income Totalconsumption AGE 25 years AGE 56 years SURPLUS 31 years DEFICIT DEFICIT Age Sources: SORS, APG-2004; Sambt 2009.

  13. Improving competitiveness Source: WEF Global Competitiveness Report, 2009.

  14. Simplifying the administrative procedures Doing Business-rankings of Slovenia Source: World Bank: Doing Business, 2007-2010.

  15. Thank you for your attention.

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