010Future changes in Europe’s monetary landscape.

Blue sky Policy Alert 010

FP7 themes health agro ict nano energy environment transport ssh space security
ERA goals mobility infrastucture rtd institutions knowledge sharing  joint programming  cooperation 
Author(s)Ian Miles, Joe Ravetz, Rafael Popper, Thordis Sveinsdottir, Yanuar Nugroho
Contributor(s)Julia De-Clerk, Dalina Dumitrescu, Gabriele Griffin, Dirk Johann, Javier Medina, Konrad Miciukiewicz
ManifestationRapid development
Potential impacts in Europe
infrastructures
Major
people's lives
Critical
legislation & regulation
Major
economy & business
Critical
defence & security
Major
government & politics
Critical
environment & ecosystems
Negligible
science & technology
Major
Importance for EUCritical
Strategic attentionby 2030 Major  by 2050 Moderate
Type of impactVery negative
Inspired byBrainstorming session and group discussions in the iKNOW Workshop in Manchester (February 2010)
Related to
Keywords, , , ,
 

Future changes in Europe’s monetary landscape.

Thematic area(s)

Social Sciences and Humanities

 

Research topic

Recent shifts in the monetary landscape in the Europe indicate that stability is a key issue that needs to be carefully monitored. Recent events in Greece and Iceland, and worries over the state of affairs in Spain and Portugal, demonstrate how quickly financial problems can escalate and bring down a nation state’s entire economy. This has brought on civil unrest and governmental crises. Research in the field of European monetary policy is needed in order to provide an informed policy response in the face of financial crises.

 

Objective

Research could focus on current economic models and could be either forward looking, i.e. with a foresight element or backward looking, i.e. historical economics in order to provide knowledge and analysis of past chain of events in order to explore which steps should be avoided when financial crises strike. Foresight research could focus on exploring what future crises may entail, whether we can spot any current weak signals and how best these may be responded to.

 

Expected impact

Research should a) determine the chain of events leading to financial crises; b) determine variations and commonalities between recent financial crises within different European states c) devise strategies for appropriate policy responses across EU; d) inform common legislation and regulation across EU; e) inform European monetary policy on how to best tackle financial difficulties of member states.

 

Importance for Europe

Europe has seen, in recent history, the devastating effect of financial crises of European states. It is important the EU is sufficiently informed about recent events, i.e. chain of events leading up to financial crises so lessons may be learned. Also, it is important to look to the future and prepare for scenarios to do with potential rapid developments within EU financial markets. Preparedness is vital for a quick response, which would limit the damage done to people’s lives and infrastructures within Europe.

 

Disclaimer: The wild card presented in this brief may not happen at all or in the near future. iKNOW is a new EU funded research project aimed to explore surprising events (wild cards) and emerging issues (weak signals) potentially shaping or shaking the future of Europe and the world.