Europe 2020 and national reforms: economic governance and structural reforms

Paolo Sestito and Roberto Torrini

No 124, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: Structural reforms are stressed in Europe 2020 as a tool for boosting economic growth and improving social cohesion. Yet tensions often arises between country specificities and goals, on one side, and pressures by partners and EU wide goals on the other side. The paper discusses the European economic governance issues building upon a sketchy historical account of the so called Open Method of Coordination. It is argued that the structural reforms� success depends upon aspects like the variety, ex ante identifiability and easiness to organize of their potential supporters as well as the presence of institutional mechanisms through which it is possible to compensate the potential losers and/or distributing on wider and fairer basis their benefits; furthermore mechanisms capable to contrast the shortsightedness of many political decisions, also favouring the political participation of all often silent stakeholders, are argued as essential. The most important contribution from EU wide pressures and rules is identified in the capacity building of national institution, to be based also upon stringent rules, aiming at fostering national governments� accountability and the policy evaluation tools.

Keywords: structural reforms; economic governance; EU2020; open method of coordination (search for similar items in EconPapers)
JEL-codes: F55 H79 O43 (search for similar items in EconPapers)
Date: 2012-04
New Economics Papers: this item is included in nep-eec and nep-eur
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:opques:qef_124_12

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