Nowotny: „CESEE Needs New Growth Model“

CommentOpinion ♦ Published: November 26, 2012; 15:29 ♦ (Vindobona)

Ewald Nowotny, governor of Austria´s National Bank (OeNB), thinks that the current growth model for the region is outdated.

Nowotny: „CESEE Needs New Growth Model“ / Picture: © Wikipedia / Christian Wirth (Wirthi)

According to Nowotny, the business model of Central, Eastern and Southeastern Europe is mainly based on foreign direct investments and export growth. The governor of OeNB explains that this model is “worn out”. This model is not able anymore to support the convergence process, Nowotny said at the Conference on European Economic Integration in Helsinki.

The current model,…