policy and reform effort on the one hand and the emergence of intra-Euro area divergences on the other. As a first step, we … assess the effect of EMU on structural reform and investigate this question by an examination of the relationship between … fixed exchange rates and reform in two wider samples of countries. We also stress that loose monetary conditions, which …

larger reform package of economic liberalisation in formerly overregulated economies, (b) as a reaction to an increasing …