Prodigal Italy Greece Spain?

Publication: Policy Letter No. 24, 2011
Topic Area: Macro Finance
Authors: Michael Haliassos
Date: Dec 2011

Contrary to widely held perceptions, workers in the southern European states that are most afflicted by the sovereign debt crisis work hard. However, labor productivity in these countries lags far behind the EU average. Structural reforms to boost productivity should be at the top of the reform agenda.

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