|Is financing an urgent development need ?
|Is the endogenic model of financing and growth incompatible with the development model of external or international financing?
All attempts at analysis should take the characteristics of the Mediterranean region into account:
- The region is divided into a great many states, themselves divided into those which have natural resources (gas, oil) and those who do not. This division is a result of the priority given in the past to relations with the former colonial powers, to the detriment of regional integration.
- A notable characteristic of this region is its closeness to Europe.
The models that can be applied to the development of the Mediterranean countries may seem mutually exclusive, but are in reality complementary. On the one hand, the exogenic model – according to which international investment can be the mainspring in the development of states and transform international relations – solves the problem of the divisions and the limitations of the internal markets. On the other hand, the endogenic model, which focuses on economic players, allows for better allocation of resources for sustainable development based on human capital and other microeconomic factors.
Nevertheless, these two approaches are inadequate. What is needed is an overall vision of sustainable development, and this can be explained by a golden triangle whose three components are:
1. The climate of investment: political and social reforms build an environment that is attractive to investors (respect for the rule of law, movement towards democracy with the implementation of democratic principles, freedom of expression, freedom of information, freedom of association, the right to property, equality, etc.)
2. Basic infrastructures (welfare, health, technology, etc.)
3. Provide potential players for development with the necessary resources (microcredit, investment and training and education of human capital)
The question of a specific model for the oil-producing countries arises: this raw material facilitated the development of certain states, particularly those that started from scratch. However, in the long term, these countries must meet the same challenges as the others, for their resources will not last forever. They must decide whether they can use their revenues freely or whether they should give priority to investment for future generations.
Lastly, the speakers discussed the North-South demographic imbalance and the difference in the standards of living between regions, which is the cause of the high emigration to European countries. Three proposals were made: help potential migrants to remain in their own countries; foster the integration of immigrants in European countries; and help job creation in developing countries by using the money transferred by emigrants. One of the conditions necessary for development is that populations invest in their own countries.
The Mediterranean represents Europe’s greatest challenge, and partnership between the two regions is fundamental for the world that lies ahead. One of the conditions for successful development in these states is the opening up of European markets, particularly in agribusiness. Lastly, it is essential to encourage regional integration and work towards the creation of a common Mediterranean market.
Abdallah AL-KUBAISI, Vice-président du Science & Technology Park – Qatar
Jacques ATTALI, Président de PlaNet Finance
Stephen DAY, ancien Ambassadeur britannique, Président du Conseil des administrateurs de la Fondation MBI
Philippe DE FONTAINE VIVE, Vice-président de la Banque européenne d'investissement
Maria NOWAK, Présidente de ADIE, auteur de « La banquière des Pauvres »