Structural Reforms for Growth and Cohesion
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Structural Reforms for Growth and Cohesion

Lessons and Challenges for CESEE Countries and a Modern Europe

Edited by Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth

Effective and well-designed structural reforms are key to shaping Europe’s future in the context of the formidable challenges facing the continent today. This book examines the achievements and failures of past structural policies so that future ones can be adapted to address remaining and newly emerging challenges with greater success. Highlighting the social aspects and distributional effects of reforms that go beyond liberalization and deregulation, the book covers key issues facing future Europe, particularly those arising from technological innovation.
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Chapter 10: Structural reforms in Slovakia: past and present (never-ending story . . .)

Jozef Makúch

Abstract

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.

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