Among eurozone technocrats, “structural reforms” are like adorable puppies — almost universally beloved. With broken-record-esque regularity, the European Commission and central bankers urge national governments to pass structural reforms; and finance ministers often scold each for failing to do so, regardless of whether their records at home on the subject are lacking. What are structural reforms? They are laws that open up regulated professions to competition. Or make it easier to hire and fire workers, while reducing the influence of labor unions in wage setting. In theory, these measures raise the productive ... (full story)