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Structural Reforms and Growth Potential in the European Union

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  • Halmai, Péter

Abstract

Following the onset of the financial and economic crisis, the latent and gradual decline of growth potential in the European Union turned into an overt growth crisis. However, this crisis can also exert a cleansing effect and release resources for activities of higher efficiency. A core element of the strategy focusing on a turnaround to growth – by means of structural reforms designed to improve the functioning of the market and strengthen the growth potential – lies in boosting a faster increase in productivity. Concur-rently with more efficient resource utilisation, the principal objective is to raise the employment rate in a sustainable fashion. Underly-ing as a central factor the structural reforms supporting the growth potential is the need for a better functioning internal market and an improved business environment. All this requires profound reforms in product and service markets as well as resource markets, primarily the labour market and money market. Reforms promoting knowledge and innovation are closely connected with this and are of the same significance.

Suggested Citation

  • Halmai, Péter, 2015. "Structural Reforms and Growth Potential in the European Union," Public Finance Quarterly, Corvinus University of Budapest, vol. 60(4), pages 510-525.
    • Handle: RePEc:pfq:journl:v:60:y:2015:i:4:p:510-525
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    File URL: https://unipub.lib.uni-corvinus.hu/8831/
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    References listed on IDEAS

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    1. Eric J. Bartelsman, 2013. "ICT, Reallocation and Productivity," European Economy - Economic Papers 2008 - 2015 486, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    2. Tatiana Fic & Ali Orazgani, 2013. "Growth risks for the EU emanating from global imbalances," European Economy - Economic Papers 2008 - 2015 483, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    3. A B Atkinson, 2013. "Ensuring social inclusion in changing labour and capital markets," European Economy - Economic Papers 2008 - 2015 481, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
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    Citations

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    Cited by:

    1. Gábor Kutasi & Andrea Lőrincz & Eszter Szabó, 2019. "Impact of Savings on Capitalization: Case of Southeast Asian Economies," European Journal of Business Science and Technology, Mendel University in Brno, Faculty of Business and Economics, vol. 5(1), pages 30-40.
    2. Szűcs, Gábor, 2023. "Halmai Péter (szerk.): A Gazdasági és Monetáris Unió jövője. Európai perspektívák. Ludovika Egyetemi Kiadó, Budapest, 2021 [Halmai Péter (ed.): The future of the Economic and Monetary Union. Europe," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 233-241.
    3. Kőrösi, István, 2022. "Quo Vadis Európa? - avagy az európai gazdasági integráció helyzete és kilátásai. Halmai Péter: Európai gazdasági integráció. Dialóg Campus, Budapest, 2020, 315 oldal [Quo Vadis Europe? - the state ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(6), pages 787-796.

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    More about this item

    Keywords

    macroeconomic policy; economic growth in open economies; macroeconomic questions of the monetary union; macro-economic analysis of economic development; institutions and growth;
    All these keywords.

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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