This article is about structural reforms, i.e. (policy) measures with the purpose of enhancing the supply side capacity of an economy. In particular, the article is focused on the euro area. The need for structural reforms in the euro area is not new but the financial crisis made it more urgent. The article overviews the main results regarding the macroeconomic impact of these reforms in the economic literature based on general equilibrium structural models. It also addresses the issue of the relationship between structural reforms and monetary policy, in particular when nominal interest rates are at the zero lower bound.
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