This means inter alia opening up closed professions, increasing the efficiency of public administration and improving judicial systems. These are reforms that will  2  BIS central bankers’ speeches  ultimately benefit the majority of people, by increasing the growth-potential of these economies. Take the example of Spain. The labour market reforms I mentioned are essential to increase employment.
The Spanish labour market has for too long been organised in a way that protects insiders. This is what lies behind the very high rate of youth unemployment. It may be the case that these reforms will not return some of the current problem countries to pre-crisis growth rates. So there will inevitably be calls for more stimulus.