The Euro and Structural Reforms

Alberto Alesina, Silvia Ardagna and Vincenzo Galasso

Review of Economics and Institutions, 2011, vol. 2, issue 1

Abstract: This paper investigates whether or not the adoption of the Euro has facilitated the introduction of structural reforms, defined as deregulation in the product markets and liberalization and deregulation in the labor markets. After reviewing the theoretical arguments that may link the adoption of the Euro and structural reforms, we investigate the empirical evidence. We find that the adoption of the Euro has been associated with an acceleration of the pace of structural reforms in the product market. The adoption of the euro does not seem to have accelerated labor market reforms in the ”primary labor market”; however, the run up to the Euro adoption seems to have been accompanied by wage moderation. We also investigate issues concerning the sequencing of goods and labor market reforms.

Keywords: Euro; structural reforms; deregulation; European labor markets (search for similar items in EconPapers)
JEL-codes: E63 J41 L51 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (7)

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Related works:
Chapter: The Euro and Structural Reforms (2010)
Working Paper: The Euro and Structural Reforms (2008)
Working Paper: The Euro and Structural Reforms (2008)
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