Growth and Austerity: How to Foster Growth in Times of Austerity?

This publication summarises the proceedings of a conference organised during February 2012 in Lisbon by the think tank Platform for Sustainable Growth (Plataforma para o Crescimento Sustentável) on the topic “How can we simultaneously foster growth and consolidate our public finance?” Speakers included Lucinda Creighton (Minister on European Affairs, Ireland), Andrew Haldenby (Director of the think-tank REFORM, UK), Philippe Aghion (Harvard University, US), Vitor Bento (President of SIBS) and Jorge Vasconcelos (PCS). The aim of the event and the follow-up publication was to identify policies and measures to foster sustainable growth in Portugal going beyond the Memorandum of Understanding signed between Portugal and the International Monetary Fund, European Commission and the European Central Bank. The main conclusion is that in addition to fiscal consolidation, Portugal also needs to focus on structural reforms and selective and reproductive investments on knowledge economy, green economy and industrial policy; this his will foster an innovation-led economy.

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