Innovation and economic reform in Europe and Japan

Innovation is thought to be a key factor in bringing about economic recovery after the global economic crisis. On a global scale, Europe and Japan find themselves in a more worrying situation than the US. One reason for this is the weaker link between innovation and macro economy in Europe and Japan compared to the U.S. Europe shows a slow overall growth and lacks much needed pro-growth reforms. The Japanese economy, which began to deteriorate after the collapse of the bubble in the early 1990s, had stagnated throughout two decades.

Innovation is one pillar of the drastic economic policies, known as ‘Abenomics,’ which have been in force since autumn 2012 to address this stagnation. Although, innovation represents the introduction of both novel and more efficient technologies, it cannot become an important factor of economic recovery without labour relocation, education and training, and the right socio-economic reconstruction. It is debated whether innovation effectively moves the economy away from secular stagnation. This event aims to bring efficient and realistic proposals as to what the solutions could be and what policy measures would support it.

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