(2017), “Labor and Product Market Reforms in Advanced Economies: Fiscal Costs, Gains, and  Support”, IMF Staff Discussion Note, March. 8 Simulations based on ECB staff research (Masuch, K., Moshammer, E. and Pierluigi, B.
(2016), “Institutions,  public debt and growth in Europe”, Working Paper Series, No 1963, ECB, Frankfurt am Main, September) show 4/5  BIS central bankers' speeches  that enhancing institutions towards average practices in the EU could lift long-term real GDP per capita for some countries by between 5% and 18% (in the course of about ten years).