It then explores the economic impact of selected product market reforms and examines the impact of labour market reforms on unemployment. It concludes with policy recommendations. *** During the crisis, Greece implemented a number of structural reforms that helped bridge the competitiveness gap and create a favourable investment environment.
Also here, the “first line of defence” lies in the broader institutional and legal framework. In fact, the ease with which a central bank can operationalise a leaning-against-the-wind strategy is inevitably affected by the broader policy framework.