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

Luciano Marcello Milone

No 171, Working Papers in Public Economics from Department of Economics and Law, Sapienza University of Roma

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.

Keywords: Financial crises; Growth; Political economics; Structural reforms (search for similar items in EconPapers)
JEL-codes: G01 O40 O52 P16 (search for similar items in EconPapers)
Pages: 20
Date: 2015-07
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