Building a Better Union: Incentivising Structural Reforms in the Euro Area

Improving global governance
Posted Sep 30, 2015 | International Monetary Fund

The momentum for structural reforms is waning in the euro area at a time when even faster progress is needed to boost productivity and growth, achieve real economic convergence, and improve the resilience of the monetary union. This paper by the International Monetary Fund looks at ways for the institutions of the European Union (EU) to bridge this divide, arguing for greater simplicity, transparency and accountability in the EU governance framework, to enable structural reforms.  It explains how three interrelated proposals: outcome-based benchmarking; better use of EU processes to strengthen oversight and reduce discretion; and improved financial incentives; would advance structural reforms.


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