It will be established under the roof of the European Central Bank and will operate in close cooperation with the national central banks of the euro area, including the Bundesbank.
Euro area GDP increases by as much as 12.4 % in the case presented in the last column of the table. The product market reform has greater effects than the labour market reform, particularly on production and investment. Regarding employment, the effect of the labour market reform is almost as large. Outside the euro area, there are some positive spill-over effects.