Working Paper Series,
Research Institute of Industrial Economics

Abstract: It is imperative that the economies of the European Union become more entrepreneurial to promote innovation and economic growth. To achieve these goals, we propose a reform strategy with respect to (i) the rule of law and the protection of property rights; (ii) the tax system; (iii) regulations governing savings, capital and finance; (iv) the organization of labor markets and social insurance systems; (v) regulations governing goods and service markets; (vi) regulations governing bankruptcy and insolvency; (vii) R&D, commercialization and knowledge spillovers; (viii) human capital investments; and (ix) informal institutions. Overall, the proposed institutional changes move in a liberalizing direction; however, one-size-fits-all policy reforms aimed at freer markets will not necessarily be successful. Instead, a successful reform strategy must consider country differences that affect the viability of reform without abandoning the long-term goal of institutional liberalization to promote entrepreneurship, innovation and growth

Keywords: Entrepreneurship; European Union; Innovation; Institutions; Policy reform; Regulation; Self-employment

JEL-codes: L26; L50; M13; O31; P14

114 pages, First version: January 26, 2017. Revised: February 16, 2017. Earlier revisions: February 1, 2017.

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