Cover IMF Working Papers
Buy Book in Print
Building a Better Union: Incentivizing Structural Reforms in the Euro Area
Author:
Angana Banerji
Search for other papers by Angana Banerji in
Current site
Google Scholar Close
,
Ms. Bergljot B Barkbu
Search for other papers by Ms. Bergljot B Barkbu in
Current site
Google Scholar Close
,
Mr. James A John
Search for other papers by Mr. James A John in
Current site
Google Scholar Close
,
Mr. Tidiane Kinda
Search for other papers by Mr. Tidiane Kinda in
Current site
Google Scholar Close
,
Mr. Sergejs Saksonovs
Search for other papers by Mr. Sergejs Saksonovs in
Current site
Google Scholar Close
,
Hanni Schoelermann
Search for other papers by Hanni Schoelermann in
Current site
Google Scholar Close
, and
Mr. Tao Wu
Search for other papers by Mr. Tao Wu in
Current site
Google Scholar Close
Series:
IMF Working Papers
Volume/Issue:
Volume 2015: Issue 201
Language:
English
Publication Date:
11 Sep 2015
DOI:
https://doi.org/10.5089/9781513517087.001
ISBN:
9781513517087
ISSN:
1018-5941
Pages:
41
Keywords:
WP; EU governance reform; EU country; EU institution; EU legislation; single market; Structural reform; European economic governance; European Union; EU governance framework; EU Policy coordination; Structural reforms; Labor taxes; Monetary unions; Europe; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
Download PDF (5.9 MB) Download Epub
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. What can the European Union (EU) institutions do to bridge this divide? This paper argues for greater simplicity, transparency and accountability in the EU governance framework for structural reforms. Our three interrelated proposals—“outcome-based” benchmarking; better use of existing EU processes to strengthen oversight and reduce discretion; and improved financial incentives—could help advance reforms. Ex post monitoring by an independent EU-level “structural council” and ex ante policy innovation by national productivity councils could strengthen accountability and ownership. Deeper governance reforms should be considered in the medium-term with a view toward a greater EU role in promoting convergence.
  • Collapse
  • Expand
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund