ECON III 5. Measures in place The Lisbon Treaty sets the fundamental values of the EU as pursing the wellbeing of its citizens13, thus setting the basis for an approach to policy “beyond GDP”. The European Commission’s DG Environment launched the “Beyond GDP” initiative in 2007 to develop clear indicators that better measure wellbeing and prosperity. It provides an extensive list of indicators that aim to complement or replace GDP. In 2009, feeling discontent with the economic state of affairs created by the 2008 financial crisis, Nicolas Sarkozy, then President of France, created a commission of leading economists to develop new measures of Economic Performance and Social Progress14. This is often referred to as the “Stiglitz commission”, from the name of its Nobel Prize winning chairperson. It critically analysed GDP as an indicator and presented a series of recommendations.
13 European Union, (2007): “Treaty of Lisbon, Articles 3, 9 and 11” (http:// http://europa.eu/lisbon_treaty/ full_text/) 14 Stiglitz, Joseph (2009): Report by the Commission on the Measurement of Economic Performance and Social Progress (http://www.insee.fr/fr/publications-et-services/dossiers_web/stiglitz/doc-commission/ RAPPORT_anglais.pdf)
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ECON III | Rebecca Smith (FR)