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Structural Reforms in the European Union: What is New after the Crisis?

Luciano Marcello Milone

Economia Internazionale / International Economics, 2020, vol. 73, issue 3, 351-372

Abstract: This study analyses how individual countries in the European Union have to react to the recent global crisis by significantly changing their policy priorities, in different ways and to a different extent, in order to implement a plan of structural reforms aiming at effectively relaunching their process of economic growth in the new post-crisis scenario. The paper argues that three factors turn out to be particularly relevant: (i) vulnerabilities in public finance, especially in a number of Eurozone countries; (ii) the tendency towards widespread and growing income inequalities threatening social cohesion and negatively affecting long-term economic growth; (iii) the persisting cyclical weakness of certain important areas of the European Union. Le riforme strutturali nell’Unione europea: cosa è cambiato dopo la crisi? Questo studio analizza come i singoli paesi dell’Unione europea debbano rispondere alla recente crisi globale attraverso modifiche significative nelle loro priorità di politica, con modalità diverse da caso a caso, in relazione all’obiettivo di un’efficace strategia di riforme strutturali che rilanci il processo di crescita nel nuovo scenario post-crisi. L’articolo individua tre fattori come particolarmente rilevanti: la vulnerabilità della finanza pubblica, soprattutto in alcuni paesi dell’Eurozona; la prolungata e diffusa tendenza all’aumento delle disuguaglianze nella distribuzione del reddito la quale minaccia la coesione sociale ed incide negativamente sulla crescita economica di lungo termine; la persistente debolezza ciclica di alcune importanti aree dell’Unione europea.

Keywords: Financial Crisis; Growth; Europe; Structural Reforms (search for similar items in EconPapers)
JEL-codes: G01 O40 O52 P11 (search for similar items in EconPapers)
Date: 2020
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