Going for Growth
Recession or Recovery: What Policies are Best for Britain?
4th September 2012
The UK – and other economies – can go for growth, provided they take certain proven steps.
That’s the message from Dr Ludger Schuknecht, Director General, German Ministry of Finance, in Politeia’s recent lecture in the 2012 series, which took place on Tuesday, 4th September at 6.30 p.m.
Dr Schuknecht explained how clear and proven policies can lead to growth. He focused on the structural role of the state and the size and quality of government, outlining a three-pronged strategy for rapid reform which:
Focuses on the public finances and the reduction of public spending.
Liberalises the economy and strengthens the institutional framework including the law
- Cuts dependency and tackles ‘rent-seeking’ – where people concentrate on playing the system rather than create new wealth
Dr Schuknecht illustrated his argument with examples from the recent crisis countries, including Greece, Ireland, Italy, Portugal, Spain and lessons for advanced economies including the Eurozone, the UK and the US.
Ludger Schuknecht is Director General at the Ministry of Finance in Germany and was previously Senior Advisor at the European Central Bank.