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Two elements instil a degree of moderate optimism going forward. First, major policy decisions have significantly reduced tail risks and relieved market stress. The June European Council decisions were swiftly followed up with concrete progress towards establishing a Banking Union. The European Council of 18-19 October agreed on a timetable for the establishment of a Single Supervisory Mechanism and advanced further on the deepening of EMU, encompassing the financial, budgetary, economic, and political dimensions. The introduction of Outright Monetary Transactions (OMTs) by the ECB complemented these institutional efforts, contributing decisively to removing doubts about the integrity and viability of the. | RS C ROYAL SOCIETY OF CHEMISTRY The economic benefits of higher education qualifications A report produced for The Royal Society of Chemistry and the Institute of Physics by PricewaterhouseCoopers LLP January 2005 c Executive Summary Introduction and background At the end of the 1990s Ziegele1 published a study about the rates of return on public and private investment in higher education in Germany. The Royal Society of Chemistry RSC and the Institute of Physics loP commissioned PricewaterhouseCoopers PWC to undertake an analysis of the benefits of UK higher education attainment. Using established econometric methodology and data from the Quarterly Labour Force Surveys the economic costs and benefits associated with education to first degree standard were calculated. The results presented here have been obtained by considering the earnings and employment benefits associated with getting a degree taking into account a variety of other contributory factors such as age gender region of residence etc . This was done to ensure the economic benefit resulting from the qualification was assessed rather than the other differentiating characteristics of the graduate population. In particular the analysis assesses the value of degree subject rather than particular career paths. The analysis is based on a financial cost model and it is important to note that this study does not take into account the non-financial or social benefits such as the value of the experience of going to university improved health benefits particularly over the longer term reduced incidence of criminal behaviour and technological progress associated with specific degree subjects. Such effects are not insignificant but are difficult to quantify. Therefore for the purposes of this study they have not been included in the data. Key findings The value of higher education to an individual Over a working life the average graduate will earn around 23 more than his her equivalent holding two or more A levels
