Labor-market reforms are critical in the European economic discussion but almost unknown in America’s economic discussion. So can you explain to an American audience the role labor-market reforms are playing in Europe?
I think the European countries are different when you compare [them] to the United States. The demographic challenges will be felt very hard in Europe, because we don’t have access to immigration, politically and for other reasons. That’s not the same in the U.S. You have access to almost unlimited labor. We need to find other ways to expand our labor force, and we can only do that by raising the pension age, as we have done, asking people to work longer hours and making other reforms in the labor market.
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