Structural Reforms in Labour and Product Markets and Macroeconomic Performance in the European Union

Karl Pichelmann and Werner Roeger
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Karl Pichelmann: European Commission
Werner Roeger: European Commission

Chapter 5 in Structural Reform and Economic Policy, 2004, pp 67-95 from Palgrave Macmillan

Abstract: Abstract Europe’s key challenges of restoring full employment, creating a knowledge-based economy, preparing for population ageing and safeguarding social cohesion are closely interlinked and, as stressed in the EU Broad Economic Policy Guidelines (BEPG), need to be addressed by a coherent and comprehensive economic policy strategy for the medium to long term. The overarching objective of this strategy is to enhance the capacity of the EU economy to generate high rates of non- inflationary growth over a prolonged period. Basically, this requires the EU to press ahead with deep, comprehensive reforms of product, capital and labour markets, backed up by a sound macroeconomic policy mix aiming at sustained rates of growth close to potential within an environment of price stability.

Keywords: Monetary Policy; Total Factor Productivity; Real Wage; Real Interest Rate; Structural Reform (search for similar items in EconPapers)
Date: 2004
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DOI: 10.1057/9780230524446_5

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