Dr. Lorenz Weimann
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The reform process in Italy, Spain and Portugal encompasses a host of individual measures, each with different time lags before they take effect. Changes in benefit entitlements can have swift positive effects via increased work incentives, relaxing employment protection laws are only likely to start paying off in phases of economic stabilization. That is why a longer period is needed for the structural reforms to take full effect. Studies on the quantitative effects of structural reforms predominantly look at a ten-year period after the reforms come into effect.