Policy impact in Europe

Mazzucato’s work has emphasised the need for Europe to use investment-led and innovation-led policies to tackle the Eurozone problem. She has highlighted the way in which weaker EU countries—like Portugal, Spain and Italy—have been negatively affected by their lack of strategic spending on key drivers of productivity: education, research, and training. Even with mild deficits, debt/GDP can increase due to lagging growth—making the dynamics of long-term investment, not the deficit, the key concern. (See articles below).

Professor Mazzucato has advised and discussed her work with leading policymakers and Europe-wide institutions. Carlos Moedas (European Commissioner for Research, Science and Innovation) said in a speech (at the Central European Conference on Energy Union, 1 December 2016):

“We need more science. More research. More innovation. I believe that, in innovation and research, the role of the Member States and the Union are essential… As Mariana Mazzucato says: Innovation-led growth is not just about fixing a market failure but also about setting direction and creating new markets. If you just tackle the market failure you can head into the wrong direction. Now, the question is what Europe's role is in all of this."

In September 2016, Professor Mazzucato spoke at the Energy Union's Integrated Research, Innovation and Competitiveness Strategy (EURICS) High-Level Stakeholder event, on how best to support the EU's jobs and growth in the context of the Paris Agreement. Titled ‘Research, innovation and competitiveness challenges and how to effectively address them’, where Carlos Moedas gave the keynote address.

Mazzucato has also been invited by the European Investment Bank to give a seminar, ‘The Entrepreneurial State and the Role of Public Banks’, and discuss her work with a number of high-level EIB executives in March 2016.


Interview for the European Investment Bank, March 2016

Mazzucato has also recently been a member of two high-level EU task forces advising on innovation and smart, sustainable economic growth, including RISE (Research, Innovation, and Science Policy Experts – formerly known as i4g) for which she has written several reports, including Smart and Inclusive Growth: reforming the risk-reward nexus in innovation.

Working with the European Space Agency, Professor Mazzucato recently co-authored a report – ‘Market Creation and the European Space Agency’ (published November 2016) – and gave a keynote speech on ‘Creating and shaping a mission-oriented space economy’ at the ESA Space for Inspiration Conference, London (14 September 2016).

Professor Mazzucato was previously a member of The Public Sector Innovation Group, whose final report Powering European Public Sector Innovation: Towards a New Architecture was published in 2013. She was also a Commissioner for the Centre for European Reform’s commission on the UK & the EU single market; its final report, “The Economic consequences of leaving the EU”, was published in June 2014.

She has recently been awarded two large grants from the EU Horizon 2020 initiative. The first, ‘DOLFINS- Distributed Global Financial Systems for Society’, is a cross-institution partnership aiming to address the global challenge of improving the financial system to better serve society, by placing scientific evidence and citizen participation at the centre of the policy process in finance.

The second, ISIGrowth – Innovation-fuelled, Sustainable, Inclusive Growth – led by the University of Pisa – will examine the relationship between innovation, employment dynamics and growth in an increasingly globalised, financialised economy. The project aims to develop comprehensive policy recommendations across areas including innovation policy, fiscal policy, industrial policy, education policy and cohesion policy to achieve smart, sustainable and inclusive growth.

Her research project, FINNOV (Finance, Innovation & Growth) (2009 – 2012) was a 3-year EC-funded research project that studied the relationship between financial markets and the real economy, with an emphasis on how finance can support innovation and long term, inclusive, sustainable economic growth. It was featured on the EC website as a “ success story”.

Professor Mazzucato has written regularly in the media about the Eurozone, focussing on the need for investment led growth for the Financial Times, the Guardian, La Repubblica and others.

Talks About Europe

SPD Business Conference

SPD Business Conference

Berlin, Germany -Keynote to German SPD Business Conference with Economic and Energy Minister Sigmar Gabriel and an introduction by SPD Chairman Phillip Oppermann.
Event website.

ESA Space for Inspiration Conference

ESA Space for Inspiration Conference

London, UK – Keynote on ‘Creating and shaping a mission-oriented space economy’. Event website.

esa-talk

European Investment Bank

European Investment Bank

Invited to present & discuss work on ‘The Entrepreneurial State and the role of public investment banks’ .
Event Website Flyer

Falling Walls 2014 Conference

Falling Walls 2014 Conference

Berlin, Germany – Keynote speech to the International Conference on Future Breakthroughs in Science and Society. 

View the speakers list and read a blog about the talk

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Europe Policy Papers

Innovation as Growth Policy

Innovation as Growth Policy

Mazzucato, M. and Perez, C. (2014), “Innovation as Growth Policy,” in The Triple Challenge:  Europe in a New Age. J. Fagerberg, S. Laestadius, and B. Martin (eds.) Oxford University Press: Oxford.  Working paper.

FINNOV Final Policy Brief

FINNOV Final Policy Brief

The final policy brief for Finnov, a three-year European Commission FP7 funded research project on finance and innovation led by Professor Mazzucato

FINNOV Position Paper

FINNOV Position Paper

Mazzucato M. et al (2010) “The limits to the 3% R&D target in Europe 2020: the roles of institutions, industries, and business-government complementarities in achieving equitable and stable growth.”

Media articles about the Eurozone

Grecia, l’inutile compromesso

Grecia, l’inutile compromesso

“Il braccio di ferro tra Atene e i  creditori internazionali sembra avviarsi verso l’ennesimo compromesso e già riecheggia il coro dei falsi ottimisti: meglio un compromesso di un default. E invece proprio questo è il momento di dirlo chiaro e forte: si profila un accordo che rischia di non risolvere nulla.”  English version

Europa, ascolta le parole di Atene

Europa, ascolta le parole di Atene

“Il principale problema dell’Europa, si sente spesso ripetere, è che l’unificazione monetaria non è stata accompagnata da una vera politica fiscale comunitaria. E che senza una vera “unione fiscale” sarà impossibile uscire dalla crisi. Per “unione fiscale” si intende però soprattutto la necessità di correggere le differenze tra i Paesi.” PDF    English version

OLTRE IL FETICCIO DEL 3 PER CENTO

OLTRE IL FETICCIO DEL 3 PER CENTO

Italian version part 1 and part 2 (as featured in Italian newspaper La Repubblica)

Why should the deficit be under 3%? Why not 1%, 2%, 4% or even 10%? Is this number perhaps just … taken out of thin air? Italy had a low deficit before the crisis but its debt/gdp ratio continued to grow. “

English version

L’unica strada per competere

L’unica strada per competere

Italian version part 1 and part 2 (as featured in Italian newspaper La Repubblica)

“The Eurozone economy is back on the front pages: 0% growth compared with the first quarter. Italy back in recession (did it ever leave?), and French and German output less than expected.”

English version

EU (skewed) competitiveness: A different analysis

EU (skewed) competitiveness: A different analysis

“So the big question is: will the different types of ‘structural reforms’ and spending cuts induce growth in the periphery, the PIIGS? My answer is that, without investment in key areas, NO they won’t.”