Creation of Financial Infrastructures for ICT Revolution and Economic Growth in the EU

本研究包括（1）信息和通信产业的发展及其对欧洲经济的影响，（2）欧盟成员国资金流动的长期时间序列分析，（3）评估欧盟为形成服务于ICT产业发展和长期欧盟增长的金融基础设施而制定的政策。通过3年的研究，得出以下结论：第一，虽然欧盟的信息通信产业得到了发展，但并没有像美国90年代后半期那样，带来生产率的提高和潜在增长率的提高。在金融领域，2000年欧洲股市泡沫的破灭，特别是高科技、通信等领域的泡沫破灭，证明了20世纪90年代后半期欧洲各国普遍出现的主要赤字单位由政府部门向企业部门的转变，是美国经济增长和脆弱资产市场泡沫等基础薄弱的暂时现象。第三，FSAP（金融服务行动计划）欧盟对证券领域立法程序的改革，被认为是为欧洲建立金融基础设施的重要政策之一。信息和通信产业的发展以及欧洲的增长率。然而，2000年泡沫破灭后，欧洲经济特别是德国经济的停滞，使欧盟的这些举措并没有取得任何积极的效果。现阶段是对“里斯本战略”本身进行重要审查的时期，该战略为上述金融领域的各项政策提供了基础。

This research consists of (1)developments of the information and communication industry and their impact on European Economy, (2)long-term time series analysis of flow of funds in EU member states and (3)the evaluation of EU policies for the formation of financial infrastructure serving for the development of ICT industry and long teem EU growth. The findings obtained through three year's research are as follows.First, although the information and communication industry have grown in the EU, these developments have not brought about the rise of productivity and boosted the potential growth rate, which was observed in the United States in the latter half of the 1990's. As for the financial area, the burst of the bubbles in Europe in 2000 at the stock markets, especially those related to the high-tech and to the communication etc, has proved that the changes of the main deficit unit from government sector to the business enterprise sector that were widely observed in may European countries in the latter half of the 1990's, were transitory phenomenon caused on a weak base such as the growth of US economy and bubbles of the fragile asset markets.Thirdly, the FSAP(Financial Services Action Plan) and the reform of legislation process in the securities field by the EU were understood as one of important policies to create financial infrastructures for the development of the information and communication industry and for deepening growth rate of Europe. However, the stagnation of European Economy, especially those observed in Germany, after the burst of the bubble in 2000, these EU initiatives have not brought about any positive result The present stage is the period of crucial review of the "Lisbon Strategy" itself, which had provided a base for the individual policies in the finial field shown above.