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Jozef Makúch

Structural reforms are important for sustainable growth, for better welfare and for eliminating macroeconomic imbalances. Since 1993, Slovakia has had to cope with liberalization, deregulation and privatization. Its adaptation to an open market was based on learning by doing. The conditions for major reforms were created at the turn of millennium and consistent reform steps guided the country towards accession to the European Union. Structural reforms in almost all areas and of all kinds were further shaping Slovakia right up to its entry into the euro area. Recent crises have revealed the importance of fiscal rules. Therefore fiscal reform has continued, with the introduction of the Fiscal Responsibility Act (including a ‘debt brake’) and the Value for Money project. Slovakia offers a clear example of the favourable results of well-implemented structural reforms. It must not, however, rest on its laurels; there is still much to do in many areas.