Berglöf, Erik; Burkart, Mike; Friebel, Guido; … - C.E.P.R. Discussion Papers - 2008
. Members have the same consumption benefit of reform but weak and strong members differ in their cost of exerting reform … efforts. As decisions are taken by unanimity, the reform level is determined by the weakest member. However, strong members … members into the Union) can have different effects on deepening (more reform effort). When a new member is stronger than the …