“A strong education system is key to meeting the challenges of globalization,” emphasized Klaus Liebscher, Governor of the Oesterreichische Nationalbank (OeNB), on the occasion of the opening of the 35th Economics Conference of the OeNB, which is being held on the topic of “Human Capital and Economic Growth” on May 21 and 22, 2007, in Vienna. In today’s fast-changing environment, education is the surest way to create and secure jobs in Austria and in Europe, as it is instrumental in preserving competitiveness as well as providing jobs and sustaining growth, said Liebscher.
While the opening of new markets in a globalized environment has certainly benefited Austrian exports, global competition has increased and the process of change has accelerated. The key to success in coping with these challenges is highly qualified staff who can adapt quickly to changed requirements in new jobs, thus enabling Austrian enterprises to exploit market opportunities. Sound education policies are also a cornerstone of sustainable social policies, given that education is a bridge to participation in economic and social life, said Liebscher.
The Austrian government has taken the right steps to deal with these challenges, underscored Liebscher, while also cautioning that the share of university graduates in Austria was low and indicated a considerable need to catch up with international standards in the field of tertiary education. Education policies have to respond quickly to globalization requirements: Apart from a solid broad-based education, what matters most today is that people commit to lifelong learning, acquiring and using new skills and knowledge in the course of their careers.
Liebscher stressed that the OeNB has supported research and development for many decades, both directly with its Anniversary Fund and indirectly by making endowments to the National Foundation for Research, Technology and Development.
The OeNB is also dedicated to improving economic and financial literacy, because knowledge allows consumers to make informed financial decisions about investments and retirement savings. In addition, economically literate citizens will appreciate the merits of stability-oriented macroeconomic policies and support reforms to secure Austria’s position as a prime business location.
In concluding, Governor Liebscher warned that education policy, however important, was not a cure-all and that other policies – growth, social welfare and development policy – could never be restricted to education policy measures alone. Stable public finances, highly competitive product markets, flexible labor markets, responsive social policies and a fair legal system will certainly always have an essential role to play.