What are structural reforms? We believe they should be understood as organisational or institutional changes that contribute to better economic and social outcomes.
Reforms cannot replace investment, but they should be strongly intertwined with investment. Our definition of a good reform is one that has a long-term positive budgetary effect. Reforms need to have a verifiable impact on the long-term sustainability of public finances or improved economic performance.
Our definition further specifies that reforms, when combined with investment, can immediately support growth, reduce social inequalities and improve sustainability.
We thus identify the three following priorities as central to our work for progressive structural reforms, echoing the aims the EU as set for itself in Article 3.3 in the Treaty on the Functioning of the EU:
- Creating a sustainable European social model.
- Innovating for a new growth model and quality jobs.
- Regaining the capacity to invest with a fair and efficient fiscal system.