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 | |
| Manifestation | Rapid development | Potential impacts in Europe infrastructures  people's lives  legislation & regulation economy & business defence & security government & politics environment & ecosystems  science & technology |
| Importance for EU | | |
| Strategic attention | by 2030 by 2050  | |
| Type of impact | Very negative | |
| Inspired by | Brainstorming session and group discussions in the iKNOW Workshop in Manchester (February 2010) | |
| Related to | ||
| Keywords | Euro zone, financial crises, civil unrest, financial markets, economic crises | |
Future changes in Europe’s monetary landscape.
Thematic area(s)
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.