TAILIEUCHUNG - High Level Panel on the Socio-Economic Benefits of the European Research Area

Over the longer run, the . economy is likely to see an important rebalancing of our spending and production. Higher household saving rates imply that eventually other types of spending will need to fill the breach in aggregate demand. The most likely candidates are net exports and business fixed investment. For the past several years, low personal savings and substantial budget deficits have led to large inflows of foreign capital and large trade deficits. As we move to more sustainable levels of consumption and increased fiscal responsibility, capital inflows will. | European Commission High Level Panel on the Socio-Economic Benefits of the European Research Area Final Report Research and Innovation EUR 25359 EUROPEAN COMMISSION Directorate-General for Research and Innovation Directorate B European Research Area Unit B1 European Research Policy http research ERA E-mail Contact Josefina Enfedaque European Commission Office SDME1 122 B-1049 Brussels EUROPEAN COMMISSION High Level Panel on the Socio-Economic Benefits of the ERA Final report Achilleas Mitsos Chairman Andrea Bonaccorsi Rapporteur Yannis Caloghirou Rapporteur Jutta Allmendinger Luke Georghiou Marco Mancini Frédérique Sachwald June 2012 Directorate-General for Research and Innovation European Research Area EUR .

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