But her government made little progress with other reforms.

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As I have written in other pieces, China has made a great progress in introducing market reforms to its central planning system that have contributed to its robust growth.

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The SEC announced earlier this month that 1, 504 advisers to hedge funds and other private funds have registered with the regulator since the Dodd-Frank reforms made registration a requirement, rather than simply an option.

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The other caveat is that the economy is souring, whereas when America made its successful welfare reforms in the mid-1990s jobs were becoming plentiful.

ECONOMIST: Welfare reform

But the Home Office also says none of these reforms has been shown to be foolproof in other countries - and in some cases have made the situation worse.

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At the same time, one argument made against reform--as though Congress' poor track record with other "reforms" isn't enough reason for lawmakers to leave it alone--is that with health care compromising 16% of gross domestic product, reform here could be particularly harmful to the broader economy.

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In other words, the beneficiary government would need to have made appropriate promises on fiscal policy and structural reforms.

BBC: Draghi will do what it takes (give or take)