V4: Future Prosperity of Europe Will Depend on Using Human Capital

Povazska Bystrica, 4 November (TASR) - Human capital will be one of the decisive factors in Europe's future prosperity, while an ageing population and the development of artificial intelligence are changing the skills requirements for workers; it will therefore become increasingly important to make more effective use of existing labour potential, the central banks of the V4 (Visegrad Four) countries (the Czech Republic, Hungary, Poland, Slovakia) said in a joint statement on Wednesday. According to the central banks, economic growth will increasingly depend on the ability to create greater value by utilising the available workforce, rather than simply on increasing the number of workers. Human capital, in turn, influences potential economic growth and, consequently, the conditions under which monetary policy operates. According to the statement, Europe faces three concurrent challenges. It must develop talent, prevent the devaluation of skills already acquired, and promote the exchange of knowledge without the regions in which that knowledge was generated losing their skilled human capital. Within the scope of their remit, central banks have committed to sharing research on skills and developing staff exchanges between individual institutions. Their aim is to ensure that the knowledge and experience gained are channelled back to the countries in which they were generated. In their view, it is not the economies with the largest pool of talented people that will be successful, but those that are best able to harness their potential. am