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Structural Reforms in the European Union after the Global Crisis: Problems and Prospects

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  • Luciano Marcello Milone

Abstract

In the perspective of a successful exit from the recent global crisis, the debate on the long-term programmes of structural reforms in the EU countries has gradually revived. However, similarly to the pre-crisis experience, the path of structural reforms continues to appear fraught with difficulties. On the basis of the extensive literature grounded on the political economy and public choice approaches, this paper analyses why the decision-making process of structural reforms is usually very difficult even though they lead to a more efficient allocation of resources and boost long-run growth. Finally, the paper points out how the progress of a country’s structural reforms may be strongly influenced by political, institutional and economic factors contributing to define the framework in which policy makers interact with the national community in its various forms, the lobbies and more in general the organized special interest groups.

Suggested Citation

  • Luciano Marcello Milone, 2015. "Structural Reforms in the European Union after the Global Crisis: Problems and Prospects," Working Papers 171, University of Rome La Sapienza, Department of Public Economics.
  • Handle: RePEc:sap:wpaper:wp171
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    References listed on IDEAS

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    1. Olivier Blanchard & Francesco Giavazzi, 2003. "Macroeconomic Effects of Regulation and Deregulation in Goods and Labor Markets," The Quarterly Journal of Economics, Oxford University Press, vol. 118(3), pages 879-907.
    2. Tito Boeri & J. Ignacio Conde-Ruiz & Vincenzo Galasso, 2012. "The Political Economy Of Flexicurity," Journal of the European Economic Association, European Economic Association, vol. 10(4), pages 684-715, August.
    3. Marcello M. Estevão, 2005. "Product Market Regulation and the Benefits of Wage Moderation," IMF Working Papers 05/191, International Monetary Fund.
    4. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March.
    5. Andreas Freytag & Simon Renaud, 2007. "From short-term to long-term orientation—political economy of the policy reform process," Journal of Evolutionary Economics, Springer, vol. 17(4), pages 433-449, August.
    6. Fernandez, Raquel & Rodrik, Dani, 1991. "Resistance to Reform: Status Quo Bias in the Presence of Individual-Specific Uncertainty," American Economic Review, American Economic Association, vol. 81(5), pages 1146-1155, December.
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    More about this item

    Keywords

    Financial crises; Growth; Political economics; Structural reforms;

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism

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