Brussels, 09/11/2011 (Agence Europe) - On 4 November, FEMISE (known by its French name of Forum européen des instituts de sciences économiques euroméditerranéens, the European Forum of Euro-Mediterranean economic science institutes) published its annual report on the Euro-Mediterranean Partnership and the situation in the Mediterranean countries. As anticipated, the 2011 report focuses largely on the fundamental transition underway in the Mediterranean region.
Upheavals in almost all of the countries make the near future “uncertain” says FEMISE. In the longer term, the revolutions “offer an opportunity for democracy and for evolution into a growth model based on democratic capitalism”, which will be “fairer in the distribution of economic profit”. This will make it possible to “put the region onto a sustainable development trajectory”. In the meantime, “certain short-term losses will have to be endured during the transition period, before harvesting the longer-term gains of democracy”.
The report confirms that the “Arab Spring came as a surprise to all economists, who felt that the efforts made to open up trade, increase the attractiveness of foreign direct investment and develop international cooperation had finally placed the Mediterranean countries onto a path of convergence with their major neighbouring European counterparts.” However, FEMISE states, the old relationships between the EU and its partners were “unbalanced” and did little to promote a fair division of the benefits of development. (FB/transl.fl)