Structural reform proposals have undergone significant change both as proposed by IMF and OECD as by the European Union. From a narrow flexibility-enhancing ('liberalising') focus complementing a strict budget consolidation course, they have evolved towards embracing institutional reforms and...

For a number of years it has become obvious to an increasing number of observers that the economic policy framework of the EU and the euro area is no longer 'fit for purpose'. This effectiveness gap in economic governance has become even more visible during recent multiple crises (ranging from...