European Macro-economic Policy and Technological Development: the case of Greece

Recent studies on economic and technological transformation in less developed countries emphasise that improvement of their performance in terms of competitiveness and successful integration into the world economy requires both economic stabilisation at the macroeconomic level and technological development. Greece is a typical case, which during the last twenty years has had to deal with specific imperatives: European integration, technological catch-up and macroeconomic stability. These processes are envisaged under the pressure of the opening of the economy, which in principle could facilitate dissemination of new technologies on the one hand but constrain the development of national capabilities on the other. In this paper we present the specificities of the Greek productive system that have shaped its integration into the EC and attempt to link the process of European integration with its technological development. Special reference is made to the macroeconomic policy of the EU and its impact on technological transformation.