The Role of CESEE Countries
Edited by Marek Belka, Ewald Nowotny, Pawel Samecki and Doris Ritzberger-Grünwald
Chapter 8: EU structural policies today: missing piece of the growth puzzle, or wishful thinking?
With monetary and fiscal policy reaching their limits, attention has turned to structural reform as the missing piece of the Eurozone growth puzzle. But the emerging market experience shows that structural reform typically entails upfront output and dislocation costs, which need fiscal space for absorption. Besides, benefits take time to materialize. Therefore, the euro zone debt overhang may have to be resolved before structural reforms can deliver on growth. In contrast, Central, Eastern and South-Eastern Europe (CESEE) is well positioned to benefit from structural reform, being far from global technological frontier, and with a limited or no debt overhang.
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