And this importance is not necessarily a concern of the past: Prices for oil and natural gas have soared since 2003, directly boosting the energy component of the consumer price index as well as raising the production costs, and ultimately to at least some degree the prices, of non-energy goods and services.
However, a comparison of reform progress across policy areas shows that euro area countries have generally not made more progress than other OECD countries in reforming the “difficult” areas, where political resistance is strong. These “difficult” areas have included – for instance – the modification of employment protection legislation (EPL), i.e.