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The SDN will assess the youth unemployment problem in advanced European countries, with a special focus on the euro area. It will document the main trends in youth and adult unemployment in 22 European countries before and after the global financial crisis. It will identify the main drivers of youth and adult unemployment, focusing in particular on the role of the business cycle and structural characteristics of the labor market. It will outline the main elements of a comprehensive strategy to address the problem.

Unemployed youth --- Business cycles --- Manpower policy --- Economic cycles --- Economic fluctuations --- Cycles --- Unemployed --- Youth --- Employment --- E-books --- Labor --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Labor Force and Employment, Size, and Structure --- Demand and Supply of Labor: General --- Unemployment: Models, Duration, Incidence, and Job Search --- Wages, Compensation, and Labor Costs: Public Policy --- Labour --- income economics --- Unemployment rate --- Labor markets --- Minimum wages --- Labor market --- Economic theory --- Minimum wage --- Spain

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The momentum for structural reforms is waning in the euro area at a time when even faster progress is needed to boost productivity and growth, achieve real economic convergence, and improve the resilience of the monetary union. What can the European Union (EU) institutions do to bridge this divide? This paper argues for greater simplicity, transparency and accountability in the EU governance framework for structural reforms. Our three interrelated proposals—“outcome-based” benchmarking; better use of existing EU processes to strengthen oversight and reduce discretion; and improved financial incentives—could help advance reforms. Ex post monitoring by an independent EU-level “structural council” and ex ante policy innovation by national productivity councils could strengthen accountability and ownership. Deeper governance reforms should be considered in the medium-term with a view toward a greater EU role in promoting convergence.

Structural adjustment (Economic policy) --- Europe --- Council of Europe countries --- Eastern Hemisphere --- Eurasia --- Exports and Imports --- Macroeconomics --- Taxation --- Capitalist Systems: Planning, Coordination, and Reform --- Political Economy --- Intergovernmental Relations --- Federalism --- Secession --- Institutions and the Macroeconomy --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Labor Economics: General --- Fiscal Policy --- Financial Aspects of Economic Integration --- Welfare & benefit systems --- Labour --- income economics --- International economics --- Structural reforms --- Labor taxes --- Labor --- EU governance framework --- Monetary unions --- Macrostructural analysis --- Taxes --- Fiscal policy --- Economic integration --- Income tax --- Labor economics --- Germany

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Product and labor market reforms are needed to lift persistently sluggish growth in advanced economies. But reforms have progressed slowly because of concerns about their distributive and short-term economic effects. Our analysis, based on new empirical and numerical analysis and country case-studies shows that most labor and product market reforms can improve public debt dynamics over the medium-term. This because reforms raise output by boosting employment and/or labor productivity. But the effect of some labor market reforms on budgetary outcomes and fiscal sustainability depends critically on business cycle conditions. Our evidence also suggests that some temporary and well-designed up-front fiscal stimulus can help enhance the economic impact of reforms. In the past, countries have used fiscal incentives in the past to facilitate reforms by alleviating transition and social costs. But strong ownership of reforms was crucial for their successful implementation.

Manpower policy --- Personnel management --- E-books --- Corporations --- Employment management --- Human resource management --- Human resources management --- Manpower utilization --- Personnel administration --- Management --- Public administration --- Employees --- Employment practices liability insurance --- Supervision of employees --- Employment policy --- Human resource development --- Labor market --- Labor market policy --- Labor policy --- Labor supply --- Trade adjustment assistance --- Government policy