However, there is a fundamental inconsistency relating to time when it comes to the cost-benefit analysis of reform measures: cost is immediate, whereas benefits are only realized in the long 1/2  BIS central bankers' speeches  term. Thus, the time horizon over which reforms yield measurable outcomes usually exceeds a government’s time horizon.
This is a major disincentive for reforms internationally and has played a major role in Greece in recent years. This also explains why some reforms, although legislated, were effectively not fully implemented. In addition, the cost is beared by few but the benefits are reaped by many.