Activities > WWWforEurope Activities 2014 > 2014 OECD NERO Meeting in Paris

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Press release on the occasion of the annual meeting of Europe’s leading economic research institutes by Karl Aiginger, director of the Austrian Institute of Economic Research.

The press release is in German.

The 2014 OECD NERO Meeting in Paris

Karl Aiginger, director of WIFO and co-ordinator of WWWforEurope, attended the 2014 NERO Meeting in Paris, an annual conference of the world’s leading economic institutes, with participants from the US, Europe, India, Japan, and Brasil. The 2014 meeting had the overall theme of “International Macroeconomic Linkages” and tried to find answers to the question whether different strategies should be used for different countries or whether a (single) coordinated strategy is feasible on a world-wide scale.

Karl Aiginger gave a presentation on “Low Road and High Road to Reindustrialisation: Can Countries Go for Different Strategies?, discussing that low road strategies are based on low costs and energy prices, while high road strategies are based on skills, innovation, and energy efficiency. The paper’s main message is that industrialised countries and emerging economies have different competitive advantages, but that it would be beneficial if they agreed on the long-term path of the world economy.

To illustrate this with a few examples: Since global warming is posing increasing problems, both industrialised and emerging economies should increase energy efficiency, shift to non-fossil energies and reduce the subsidies for fossile energy (which are currently much higher than those for renewable energies). Reducing income inequality and fighting poverty should be addressed in both industrialised countries and emerging economies. These two groups of countries necessarily have different priorities, instruments and ambitions will be different, but they should agree on a common path of long term development.

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