Conclusions of the 2010 Aix-en-Provence Economic Forum

Ten Measures for Constructing European Growth

AVIGNON, France, July 5, 2010 - Do our countries still have a future? Yes!

In order to succeed in creating real growth in Europe, it will
take more than a simple declaration. It is necessary to ensure unprecedented
human and capital investment, a true strategy of breaking with the past via
newly thought-out innovation and industrial policy, an enhanced education and
qualification, a re-imagined growth funding and financial regulation, green
growth, a reactive macroeconomic policy, a renewed Social Pact and a
reinforced multilateralism.

The "Cercle des Economistes" has outlined ten measures:

    1. For a targeted industrial policy: health, energy, green
      technologies, transport, digital and nanotechnologies

    - Directing private savings towards productive long-term
      investments through a public-private risk-sharing with the State
      as reinsurer.

    - Creating a European debt agency to fund these investments.

    2. For an ecologisation of industrial policy

    - Implementing a carbon tax and R&D subsidies to the green
      sector.

    3. For a European Small Business Act

    - Granting SMEs access to public markets and dedicated
      fundings piloted by regions.

    4. For a dedicated training and research policy

    - Allocating 2% of GDP to higher education.

    - Creating a European network of competitiveness clusters.

    5. For financial market regulation in Europe

    - Bringing together US and European accounting and prudential
      standards.

    - Implementing compensation chambers for derivative products.

    - Penalising proprietary trading of deposit banks.

    6. For an active macroeconomic policy

    - Making the Stability Pact contra-cyclical.

    - Managing interest rates, the exchange rate and the deficit
      with growth as a priority.

    - Implementing, via the ECB, a cooperative exchange rate
      policy yet taking into account growth.

    7. For intelligent and differentiated macroeconomic surveillance

    - Protecting productive investments, from austerity cuts of
      the next five years; proscribing any taxation which penalises work
      and innovation.

    8. For selective immigration

    - Basing immigration on qualifications and integration into
      the labour market.

    - Attracting young foreign students.

    9. For a unified labour market

    - Constructing the European labour market through training.

    10. For a common European policy regarding technology
        transfers

    - Insisting upon European cooperation in technology transfers.

    - Redirecting our cooperation towards Africa.

Full text available at www.lecercledeseconomistes.asso.fr

Julie Dardelet: julie.dardelet@consultants.publicis.fr - Tel:
+33-6-33-85-96-83

Lorraine Lenoir: lorraine.lenoir@consultants.publicis.fr - Tel:
+33-6-03-53-92-13

Anais Paccard: anais.paccard@cercledeseconomistes.fr - Tel:
+33-6-24-62-55-45

Julie Dardelet: julie.dardelet at consultants.publicis.fr - Tel: +33-6-33-85-96-83. Lorraine Lenoir: lorraine.lenoir at consultants.publicis.fr - Tel: +33-6-03-53-92-13. Anais Paccard: anais.paccard at cercledeseconomistes.fr - Tel: +33-6-24-62-55-45