Lifting Euro Area Growth: Priorities for Structural Reforms and Governance
To live up to its growth potential and secure its inclusive social model, the euro area must make better use of its available labor. In the aftermath of the crisis, boosting growth is essential to prevent unemployment from becoming a long-term problem and to facilitate the return to fiscal sustainab...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2010
|
| Schriftenreihe: | IMF Staff Position Notes
Staff Position Note SPN10/09 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | To live up to its growth potential and secure its inclusive social model, the euro area must make better use of its available labor. In the aftermath of the crisis, boosting growth is essential to prevent unemployment from becoming a long-term problem and to facilitate the return to fiscal sustainability. Labor utilization in the euro area has been lagging considerably behind its best performing peers. While fewer hours worked may, to some extent, reflect a social choice, higher unemployment rates and lower participation rates, on the other hand, cannot easily be attributed to individual preferences. Here, policies and institutions matter more. And there is little excuse for relatively low labor productivity, a particular bane in southern Europe and an increasing challenge everywhere. Kick-starting growth requires a comprehensive approach to labor and service market reforms. Different circumstances call for different approaches across countries. Countries in southern Europe need to focus on regaining competitiveness, while some in the core should promote higher labor force participation or more open service sector markets. Improving access to the labor market should be high on the priority list everywhere-including through some harmonization of key features of the labor market, which will help deal with intra-euro area imbalances. Differences in labor taxation, unemployment benefit systems, and employment protection will need to be reduced. Improving regulation and reforming taxes and social benefits will be essential to make inroads. For the longer term, focus should be on innovation, education, and on continuing financial sector reforms |
| Beschreibung: | 1 Online-Ressource (24 p) |
| ISBN: | 1462302106 9781462302109 |
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| 520 | 3 | |a To live up to its growth potential and secure its inclusive social model, the euro area must make better use of its available labor. In the aftermath of the crisis, boosting growth is essential to prevent unemployment from becoming a long-term problem and to facilitate the return to fiscal sustainability. Labor utilization in the euro area has been lagging considerably behind its best performing peers. While fewer hours worked may, to some extent, reflect a social choice, higher unemployment rates and lower participation rates, on the other hand, cannot easily be attributed to individual preferences. Here, policies and institutions matter more. And there is little excuse for relatively low labor productivity, a particular bane in southern Europe and an increasing challenge everywhere. Kick-starting growth requires a comprehensive approach to labor and service market reforms. Different circumstances call for different approaches across countries. Countries in southern Europe need to focus on regaining competitiveness, while some in the core should promote higher labor force participation or more open service sector markets. Improving access to the labor market should be high on the priority list everywhere-including through some harmonization of key features of the labor market, which will help deal with intra-euro area imbalances. Differences in labor taxation, unemployment benefit systems, and employment protection will need to be reduced. Improving regulation and reforming taxes and social benefits will be essential to make inroads. For the longer term, focus should be on innovation, education, and on continuing financial sector reforms | |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:26Z |
| indexdate | 2024-07-10T09:35:34Z |
| institution | BVB |
| isbn | 1462302106 9781462302109 |
| language | English |
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| publishDateSort | 2010 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Staff Position Notes |
| spelling | Everaert, Luc Verfasser aut Lifting Euro Area Growth Priorities for Structural Reforms and Governance Everaert, Luc Washington, D.C International Monetary Fund 2010 1 Online-Ressource (24 p) txt rdacontent c rdamedia cr rdacarrier IMF Staff Position Notes Staff Position Note SPN10/09 To live up to its growth potential and secure its inclusive social model, the euro area must make better use of its available labor. In the aftermath of the crisis, boosting growth is essential to prevent unemployment from becoming a long-term problem and to facilitate the return to fiscal sustainability. Labor utilization in the euro area has been lagging considerably behind its best performing peers. While fewer hours worked may, to some extent, reflect a social choice, higher unemployment rates and lower participation rates, on the other hand, cannot easily be attributed to individual preferences. Here, policies and institutions matter more. And there is little excuse for relatively low labor productivity, a particular bane in southern Europe and an increasing challenge everywhere. Kick-starting growth requires a comprehensive approach to labor and service market reforms. Different circumstances call for different approaches across countries. Countries in southern Europe need to focus on regaining competitiveness, while some in the core should promote higher labor force participation or more open service sector markets. Improving access to the labor market should be high on the priority list everywhere-including through some harmonization of key features of the labor market, which will help deal with intra-euro area imbalances. Differences in labor taxation, unemployment benefit systems, and employment protection will need to be reduced. Improving regulation and reforming taxes and social benefits will be essential to make inroads. For the longer term, focus should be on innovation, education, and on continuing financial sector reforms Online-Ausg Allard, Céline Sonstige oth http://elibrary.imf.org/view/IMF004/11399-9781462302109/11399-9781462302109/11399-9781462302109.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Everaert, Luc Lifting Euro Area Growth Priorities for Structural Reforms and Governance |
| title | Lifting Euro Area Growth Priorities for Structural Reforms and Governance |
| title_auth | Lifting Euro Area Growth Priorities for Structural Reforms and Governance |
| title_exact_search | Lifting Euro Area Growth Priorities for Structural Reforms and Governance |
| title_exact_search_txtP | Lifting Euro Area Growth Priorities for Structural Reforms and Governance |
| title_full | Lifting Euro Area Growth Priorities for Structural Reforms and Governance Everaert, Luc |
| title_fullStr | Lifting Euro Area Growth Priorities for Structural Reforms and Governance Everaert, Luc |
| title_full_unstemmed | Lifting Euro Area Growth Priorities for Structural Reforms and Governance Everaert, Luc |
| title_short | Lifting Euro Area Growth |
| title_sort | lifting euro area growth priorities for structural reforms and governance |
| title_sub | Priorities for Structural Reforms and Governance |
| url | http://elibrary.imf.org/view/IMF004/11399-9781462302109/11399-9781462302109/11399-9781462302109.xml |
| work_keys_str_mv | AT everaertluc liftingeuroareagrowthprioritiesforstructuralreformsandgovernance AT allardceline liftingeuroareagrowthprioritiesforstructuralreformsandgovernance |