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Parts of Europe have begun to reform with demonstrable success." name="twitter:description"/><meta content="Article" property="contenttype" name="contenttype"/><meta content="https://www.mckinsey.com/~/media/mckinsey/featured%20insights/europe/beyond%20austerity%20a%20path%20to%20growth%20in%20europe/beau10_frth.jpg?mw=677&car=42:25" name="twitter:image"/><meta content="Beyond austerity: A path to economic growth and renewal in Europe" name="twitter:image:alt"/><meta content="public" name="accesslevel"/><meta content="false" name="excludefromclientlink"/><meta content="MGI Research" name="articlesource"/><meta content="report" name="articletype"/><meta content="Charles Roxburgh | Jan Mischke | Baudouin Regout | Davide Archetti | Alexandre Chau | Paolo DAprile | Akshat Harbola | Harald Proff | Dirk Schmautzer | Manuela Thomys | Andreas Weber" name="authors-name"/><meta content="2010-10-01T00:00:00Z" name="itemdate"/><meta content="Featured Insights | Europe | Report | McKinsey Global Institute | October 1, 2010" name="searchresults-tags"/><script type="application/ld+json">{"@context":"https://schema.org","@type":"Article","url":"https://www.mckinsey.com","publisher":{"@type":"Organization","name":"McKinsey & Company","logo":{"@type":"ImageObject","url":"https://www.mckinsey.com/~/media/Thumbnails/Mck_Logo"}},"mainEntityOfPage":{"@type":"WebPage","@id":"https://www.mckinsey.com/featured-insights/europe/beyond-austerity-a-path-to-growth-in-europe"},"datePublished":"2010-10-01T00:00:00Z","dateCreated":"2011-09-12T16:19:00Z","dateModified":"2010-10-01T00:00:00Z","heading":"Beyond austerity: A path to economic growth and renewal in Europe","image":"https://www.mckinsey.com/~/media/mckinsey/featured%20insights/europe/beyond%20austerity%20a%20path%20to%20growth%20in%20europe/beau10_frth.jpg","description":"With multiple pressures on growth and constrained public finances, Europe needs structural reform even to match past GDP growth rates. Parts of Europe have begun to reform with demonstrable success.","author":[{"@type":"Person","name":"Charles Roxburgh"},{"@type":"Person","name":"Jan Mischke","url":"https://www.mckinsey.com/our-people/jan-mischke"},{"@type":"Person","name":"Baudouin Regout"},{"@type":"Person","name":"Davide Archetti"},{"@type":"Person","name":"Alexandre Chau"},{"@type":"Person","name":"Paolo D鈥橝prile"},{"@type":"Person","name":"Akshat Harbola"},{"@type":"Person","name":"Harald Proff"},{"@type":"Person","name":"Dirk Schmautzer","url":"https://www.mckinsey.com/our-people/dirk-schmautzer"},{"@type":"Person","name":"Manuela Thomys"},{"@type":"Person","name":"Andreas Weber"}]}</script><meta name="next-head-count" content="59"/><meta name="next-font-preconnect"/><script src="" id="gtag-manager" data-nscript="beforeInteractive"> (function(w, d, s, l, i) { w[l] = w[l] || []; w[l].push({ 'gtm.start': new Date().getTime(), event: 'gtm.js' }); var f = d.getElementsByTagName(s)[0], j = d.createElement(s), dl = l != 'dataLayer' ? 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mdc-u-grid-gutter-xxl"><section data-layer-region="article-body-header" class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-animation-blur-in-400 byline-share-container"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-8 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-8 mdc-u-ts-9"><span> </span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Charles Roxburgh聽</span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j"><a data-component="mdc-c-link" href="/our-people/jan-mischke" class="mdc-c-link-inline___7DRrt_8032924 mdc-c-link-inline--secondary___YKoOK_8032924"><span class="mdc-c-link__label___Pfqtd_8032924">Jan Mischke</span></a>聽</span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Baudouin Regout聽</span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Davide Archetti聽</span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Alexandre Chau聽</span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Paolo D鈥橝prile聽</span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Akshat Harbola聽</span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Harald Proff聽</span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j"><a data-component="mdc-c-link" href="/our-people/dirk-schmautzer" class="mdc-c-link-inline___7DRrt_8032924 mdc-c-link-inline--secondary___YKoOK_8032924"><span class="mdc-c-link__label___Pfqtd_8032924">Dirk Schmautzer</span></a>聽</span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Manuela Thomys<span> 聽</span></span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Andreas Weber</span></span></div><div class="mdc-u-grid-col-md-start-8 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-8 mdc-u-grid-col-lg-end-11 ArticleContent_mck-c-article-content__share-tools__kWRRw"></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-animation-blur-in-400"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_8032924 mdc-u-ts-5"><div class="mck-u-links-inline">With multiple pressures on growth and constrained public finances, Europe needs structural reform even to match past GDP growth rates. Parts of Europe have begun to reform with demonstrable success.</div></div></div></section><main data-layer-region="article-body" class="mdc-u-grid mdc-u-grid-gutter-xxl"><div class="mdc-u-grid mdc-u-grid-col-1 mdc-u-grid-col-md-12"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div class="mdc-o-content-body mck-u-dropcap"><div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="DownloadsSidebar_mck-c-downloads-sidebar__iFmyt mck-o-xs-right-span"><div data-layer-region="downloads-right-rail"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-c-heading--title___5qyOB_8032924 mdc-c-heading--border___K8dj3_8032924"></h3><div><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_8032924"><a data-component="mdc-c-link" href="/~/media/mckinsey/featured insights/europe/beyond austerity a path to growth in europe/mgi_beyond austerity_a_path_to_economic_growth _exec_summary.pdf" class="DownloadsSidebar_mck-c-downloads-sidebar__download-link__fPqFQ mdc-c-link___lBbY1_8032924" target="_blank" data-layer-event-prefix="Download Link" data-layer-action="click" data-layer-report-type="" data-layer-file-name="mgi_beyond-austerity_a_path_to_economic_growth _exec_summary" data-layer-report-name="mgi_beyond-austerity_a_path_to_economic_growth _exec_summary>"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mdc-c-icon--size-md___yi5fA_8032924 mck-download-icon"></span><span class="mdc-c-link__label___Pfqtd_8032924"> (PDF-510 KB)</span></a><a data-component="mdc-c-link" href="/~/media/mckinsey/featured insights/europe/beyond austerity a path to growth in europe/mgi_beyond_austerity_a_path_to_economic_growth_full_report.pdf" class="DownloadsSidebar_mck-c-downloads-sidebar__download-link__fPqFQ mdc-c-link___lBbY1_8032924" target="_blank" data-layer-event-prefix="Download Link" data-layer-action="click" data-layer-report-type="" data-layer-file-name="mgi_beyond_austerity_a_path_to_economic_growth_full_report" data-layer-report-name="mgi_beyond_austerity_a_path_to_economic_growth_full_report>"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mdc-c-icon--size-md___yi5fA_8032924 mck-download-icon"></span><span class="mdc-c-link__label___Pfqtd_8032924"> (PDF-3 MB)</span></a></div></div></div></div> <p>Europe faces multiple, simultaneous pressures on GDP growth at a time when scope to stimulate growth from public funds is limited by high debt and deficit levels. The threat to growth is unlikely to dissipate in the short or even medium term and significant imbalances in unit labour costs and current account positions between European economies intensify the strain.</p> <p></p> <p>In this challenging context, Europe has little choice but to pursue structural reform to bolster growth. MGI finds that Europe needs to accelerate productivity growth by around 30 per cent over historic levels, or opt to work more, just to maintain past GDP growth levels. Productivity growth would have to grow by an even greater margin if Europe is to close the 24聽per聽cent per capita GDP gap with the United聽States that prevails today鈥攅quivalent to $11,250 per capita, or $4.5聽trillion in overall GDP.</p> <p>Europe has made progress on reform, the report notes. In the ten years prior to the global economic crisis, Europe's per capita GDP growth matched that of the United States. This was due largely to major European reforms to labour markets that helped cut unemployment and boost participation by six percentage points in 20 years. Contrary to popular perceptions of Europe's poor record on job creation, 24聽million new jobs were created between 1995 and 2008, more than in the United States over the same period despite slower population growth. </p> <p>MGI suggests that Europe should aspire to match instances of best practice within the region in order to meet its full growth potential. If Europe as a whole could reach European best practice on labour market participation, its overall participation rate would rise 9 per cent鈥攁nd without reducing vacation or absence times or changing the number of hours worked per week. Boosting service sector productivity to European best practice could add around 20 per cent to the region's overall productivity. </p> <p>The report sets out a comprehensive agenda for European structural reform on the basis of analysis of existing best practice within the region, proposing action in three areas in parallel. If all of Europe were to match best practice in all three, Europe could even close today's 24 per cent per capita income gap with the United States:</p> <ul class="bullListSep"> <li>Further reforming labour markets in four areas: boosting participation among older workers as in Nordic countries and the Netherlands; reducing structural unemployment using similar reforms to those we have seen in Denmark and the United Kingdom; reducing youth unemployment as in the Netherlands; and balancing the mix of part- and full-time work for women.</li> <li>Unlocking the full growth potential of service sectors in four ways: further opening up competition in service sectors still constrained by a high level of regulation (e.g., professional services) and monopolistic structures (e.g. network industries); boosting productivity through deregulation of product, land, and labour markets and supporting greater operational efficiency and professionalism in sectors such as retail, land transport, and construction; unlocking growth by setting the sector's direction and providing enablers such as standards, education, and infrastructure (e.g., in business services, tourism, and telecoms; ensuring scale across national borders.</li> <li>Aligning policies to growth and renewal, capturing growth and innovation opportunities in high-growth emerging markets, cleantech, and new technology sectors by re-prioritizing funds for R&D toward competitive and innovation sectors; developing clusters; improving the link between academia and business; and developing a more entrepreneurial mindset.</li> </ul></div><div class="container-placeholder"></div></div></div></main></div><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="StandalonePromo" class="RelatedArticle_mck-c-article-related__GGA76 mck-u-screen-only" data-layer-region="related-articles"><div class="mdc-o-container__wrapper is-wrapped mdc-u-spaced-mobile"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-c-heading--title___5qyOB_8032924 mdc-u-align-center">Related Articles</h5><div class="mdc-u-grid mdc-u-grid-col-md-3 RelatedArticle_items-container__s2uD0"><div class="mdc-u-grid mdc-u-grid-gutter-lg Card_card__diA2r Card_hover-effect__RGb9b"><div class="Card_wrapper-image__8b4P6"><a data-component="mdc-c-link" href="/featured-insights/americas/growth-and-competitiveness-in-us" class="mdc-c-link___lBbY1_8032924"><picture data-component="mdc-c-picture" class="Card_wrapper-image__8b4P6"><style>.picture-uniqueKey-growt-0 { aspect-ratio: 16/9 }</style><img alt="grco10_frth" class="picture-uniqueKey-growt-0" src="/~/media/mckinsey/featured%20insights/americas/growth%20and%20competitiveness%20in%20us/grco10_frth.jpg?cq=50&mw=767&car=16:9&cpy=Center" loading="lazy"/></picture></a></div><div class="Card_wrapper-text__U6Y3k"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_8032924 Card_content-block__pF6Z1"><span>Report - 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Parts of Europe have begun to reform with demonstrable success."}},"sEODescription":{"value":""},"displayDate":{"jsonValue":{"value":"2010-10-01T00:00:00Z"}},"body":{"value":"[[DownloadsSidebar]] \u003cp\u003eEurope faces multiple, simultaneous pressures on GDP growth at a time when scope to stimulate growth from public funds is limited by high debt and deficit levels. The threat to growth is unlikely to dissipate in the short or even medium term and significant imbalances in unit labour costs and current account positions between European economies intensify the strain.\u003c/p\u003e\r\n\u003cp\u003e[[Audio A way forward for Europe]]\u003c/p\u003e\r\n\u003cp\u003eIn this challenging context, Europe has little choice but to pursue structural reform to bolster growth. MGI finds that Europe needs to accelerate productivity growth by around 30 per cent over historic levels, or opt to work more, just to maintain past GDP growth levels. Productivity growth would have to grow by an even greater margin if Europe is to close the 24\u0026nbsp;per\u0026nbsp;cent per capita GDP gap with the United\u0026nbsp;States that prevails today\u0026mdash;equivalent to $11,250 per capita, or $4.5\u0026nbsp;trillion in overall GDP.\u003c/p\u003e\r\n\u003cp\u003eEurope has made progress on reform, the report notes. In the ten years prior to the global economic crisis, Europe's per capita GDP growth matched that of the United States. This was due largely to major European reforms to labour markets that helped cut unemployment and boost participation by six percentage points in 20 years. 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