THE ECONOMIC COSTS OF NON-LISBON A survey of the literature

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on the economic impact of Lisbon-type reforms

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5902

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European Commission

2005

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TABLE OF CONTENTS

Executive summary3

1. Introduction9

2. What is the Lisbon strategy?10

3. Economic rationale and empirical support for Lisbon-type reforms.11

3.1. Product market reforms12

3.2. EU financial integration.17

3.3. Investment in the knowledge-based economy.19

3.4. Labour market reforms.22

3.5. Policy interactions28

3.6. Social and environmental policies: interactions with the economy.30

4. Macroeconomic impact of some packages of Lisbon reforms.35

4.1. The combined impact of product and labour market reforms35

4.2. The combined impact of product market deregulation and integration, and investment in

knowledge36

5. Conclusion39

Bibliography41

Annex I: Summary of main recent empirical evidence on the impact of Lisbon type reforms50

Annex II: The main Lisbon targets (Jan. 2005).56