IMF-使欧洲改革在实地取得成功（英）

INTERNATIONAL MONETARY FUNDREGIONAL ECONOMIC OUTLOOKNOTESEUROPE2025NOVMaking European Reforms a Success on the GroundREGIONAL ECONOMIC OUTLOOK—Europe INTERNATIONAL MONETARY FUND | November 2025 1 Contents Making European Reforms a Success on the Ground ......................................................................................... 2 Executive Summary ................................................................................................................................................... 2 Europe Needs Higher Growth……………………………………………………………………………………..................2 Reforms Can Deliver—Big Time. ............................................................................................................................... 4 A Closer Look at How Reforms Affect Europe’s Hubs. .............................................................................................. 6 Who Gains and Who Lags Behind. .......................................................................................................................... 10 Policy Levers to Make Europe’s Reforms a Success on the Ground. ..................................................................... 11 References ............................................................................................................................................................... 17 Boxes Box 2.1. Sizing up the Scope for Reducing Intra-EU Trade Barriers ....................................................................... 13 Box 2.2. Capital Misallocation in Europe: The Case of Venture Capital .................................................................. 15 Figures Figure 2.1. Decomposition of GDP per Capita Difference with the US ...................................................................... 3 Figure 2.2. GDP PPP per Capita Forecast ................................................................................................................ 3 Figure 2.3. Per-Capita Income Gains from National and EU-Level Reforms ............................................................. 4 Figure 2.4. Gains from National and EU-Level Intermediate Reform Package across Countries ............................. 5 Figure 2.5. Labor Productivity Rises Slowly with Employment Density in Europe ..................................................... 8 Figure 2.6. Most European Contries Benefit too Little from the Concentration of Activity ......................................... 8 Figure 2.7. Improving Local Conditions Can Bring Sizable Productivity Gains .......................................................... 9 Figure 2.8. Estimates of Ad-Valorem Equivalents of Trade Costs ............................................................................. 9 Figure 2.9. Large Productuvity Gains Can Also Come from Spatial Reallocation ................................................... 10 Figure 2.10. Spatial Distribution of Output per Worker Gains from National and EU-Level Intermediate Ref