The Euro and Structural Reforms

Alberto Alesina, Silvia Ardagna and Vincenzo Galasso

No 344, Working Papers from IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University

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.

Date: 2008
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Related works:
Journal Article: The Euro and Structural Reforms (2011)
Chapter: The Euro and Structural Reforms (2010)
Working Paper: The Euro and Structural Reforms (2008)
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