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

Author

Listed:
  • Milone, Luciano Marcello

    (University La Sapienza, Department of Economics and Law, Rome, Italy)

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.

Suggested Citation

  • Milone, Luciano Marcello, 2020. "Structural Reforms in the European Union: What is New after the Crisis?," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 73(3), pages 351-372.
    • Handle: RePEc:ris:ecoint:0875
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    References listed on IDEAS

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    More about this item

    Keywords

    Financial Crisis; Growth; Europe; Structural Reforms;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • P11 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Planning, Coordination, and Reform

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