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Euro Area Policies

Euro Area Policies PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1513540912
Size: 45.72 MB
Format: PDF, ePub
Category : Business & Economics
Languages : en
Pages : 112
View: 3260

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Euro Area Policies: Selected Issues

Euro Area Policies

Euro Area Policies PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 148431235X
Size: 15.78 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages : 94
View: 3656

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This paper focuses on the convergence performance of euro area countries before and after euro introduction. The analysis compares per capita incomes across countries, both for the initial group of twelve countries that adopted the euro before 2002 (the so-called EA-12) as well as the current group of 19 euro area members (EA-19). The convergence process has stalled since the introduction of the euro, except for new euro area members which reduced their income gaps vis-à-vis the founding members until their adoption of the common currency. The convergence of income levels is not a prerequisite for a functioning monetary union, but has been considered an important objective of the European economic integration process. Lagging productivity growth in countries with lower initial GDP per capita is found to be the main explanation for the lack of convergence, suggesting that structural reforms can help to restart the convergence process.

Euro Area Policies

Euro Area Policies PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1484347854
Size: 61.52 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 72
View: 7262

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This Selected Issues paper on Euro Area Policies 2013 Article IV Consultation highlights the monetary transmission mechanism and monetary policies. The European Central Bank has announced the Outright Monetary Transactions framework to address severe distortions in sovereign bond markets and safeguard monetary transmission. The cost of unsecured bond issuance remains elevated for both core and periphery banks, but there is a growing divergence between the two, driven mainly by rising periphery spreads. Weak growth and high levels of private balance sheet debt in the periphery are weighing on the health of bank balance sheets.

Euro Area Policies 2012 Article Iv Consultation

Euro Area Policies  2012 Article IV Consultation PDF
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1475598947
Size: 22.21 MB
Format: PDF, ePub
Category : Business & Economics
Languages : en
Pages : 58
View: 6667

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This 2012 Article IV Consultation—Selected Issues Paper on Euro Area Policies argues that the creation of a common eurozone financial stability architecture is an immediate priority to restore the viability of the Economic and Monetary Union. The paper presents a narrative of the various stages of the banking and sovereign crisis since the Summer of 2011. It also characterizes the downward spirals at play in periphery euro area countries and describes the process of financial de-integration within the euro area.

Euro Area Policies Selected Issues

Euro Area Policies  Selected Issues PDF
Author: International Monetary Fund
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781455205806
Size: 57.15 MB
Format: PDF, ePub, Mobi
Category :
Languages : en
Pages : 44
View: 7023

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To reduce the negative effects of a bank-lending crunch on economic activity, adequate credit provision should be ensured. Further bank recapitalization, restructuring and consolidation of the banking sector, and regulatory reform decisions will reduce uncertainty. A long-lasting configuration of the euro-area’s fiscal architecture can be achieved by tightly coordinated reforms of national fiscal frameworks. Substantial benefits will emanate from deepening further structural reforms. Financial sector reform in the EU is proceeding at a rapid pace, and poses challenges and opportunities for the EU.

Monetary And Exchange Rate Policies Of The Euro Area

Monetary and Exchange Rate Policies of the Euro Area PDF
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451812981
Size: 57.37 MB
Format: PDF, ePub
Category : Business & Economics
Languages : en
Pages : 120
View: 7338

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This paper examines monetary and exchange rate policies of the euro area. The paper reviews the European Central Bank’s definition of price stability, and examines the factors determining “the optimal rate of inflation” in the euro area. It reviews the benefits of price stability, including the reduction in the distortions of savings and investment behavior that stem from the interaction between nominal tax systems and inflation. It then goes on to evaluate arguments for maintaining a small positive inflation rate in the context of the euro area.

Euro Area Policies

Euro Area Policies PDF
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1475561547
Size: 17.34 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages : 52
View: 6436

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The 2012 Article IV Consultation report on euro area policies highlights that investors are withholding funding from member states most in need, moving capital “north” and abroad to perceived safer assets. Executive Directors have noted that the euro area continues to face a number of economic challenges amid increasing financial stresses and market fragmentation. Directors have also stressed that it is important that policymakers continue to demonstrate shared and unequivocal commitment—with a clear, credible roadmap—to a deeper integration of the euro area.

Italy

Italy PDF
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 147550652X
Size: 53.37 MB
Format: PDF, Mobi
Category : Business & Economics
Languages : en
Pages : 94
View: 2305

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This Selected Issues Paper focuses on structural reforms and fiscal devaluation in Italy. Italy’s economy has a number of important strengths. Despite these strengths, Italy’s economic performance has lagged behind its peers. The authorities’ reform plans are under way in different sectors of the country. In most cases, if reforms go in the right direction, their impact would depend on consistent and prompt implementation. The model-based analysis also suggests that the potential gains to the economy from deeper reforms can be sizable.

Portugal

Portugal PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1475538391
Size: 47.10 MB
Format: PDF, ePub
Category : Business & Economics
Languages : en
Pages : 48
View: 1557

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This Selected Issues paper estimates the fiscal impact of demographic changes in Portugal and the euro area over the period 2015–2100. Under the baseline projections of the United Nations, Portugal is among the countries in the euro area that is expected to be most hurt by demographic developments. During 2015–2100, its population is expected to shrink by about 30 percent while the old-age dependency ratio is expected to more than double, driven mostly by low fertility, higher longevity, and migration outflows. Age-related public spending would increase by about 6 percentage points of GDP under the baseline over the period 2015–50, and the public debt path would become unsustainable in the absence of offsetting policies.

Euro Area Policies

Euro Area Policies PDF
Author: International Monetary Fund
Publisher:
ISBN: 9781462339549
Size: 72.66 MB
Format: PDF, ePub, Docs
Category :
Languages : en
Pages : 36
View: 546

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The euro area (EA) plays a major role in the global economy. Market perceptions of events in the EA program countries illustrate the possibility of large spillovers from the area in times of stress. The prospect of large spillovers underscores the urgent need for actions to contain, and eventually overcome, the ongoing crisis. The planned fiscal consolidation in the EA could benefit the rest of the world. Spillovers from gradual monetary policy normalization appear manageable. Execution of the structural reform agenda will carry positive spillovers.

Czech Republic

Czech Republic PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1498319424
Size: 50.99 MB
Format: PDF, Mobi
Category : Business & Economics
Languages : en
Pages : 11
View: 2410

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This Selected Issues paper investigates the direct and indirect exposure of the Czech Republic to these external risks. The Czech Republic is a small open economy that has become increasingly reliant on export-driven growth over the last three decades. Domestic value-added in foreign exports as a share of gross exports in the Czech Republic is higher than the average share of the European Union 28. Services have a relatively low contribution to value-added in gross exports. Given the high integration of the Czech Republic into global value chains, it is crucial to take supply chain linkages into account when assessing the impact of trade shocks. The exposure to Germany is even more pronounced at the sectoral level. Manufacturing of machinery and transportation vehicles account for a large share of exports and imports in the Czech Republic. Although the impact of the US-China trade disputes on the Czech Republic would likely be limited, a hard Brexit scenario or lower demand in Germany could have sizable effects.

Euro Area Policies

Euro Area Policies PDF
Author: International Monetary Fund
Publisher:
ISBN: 9781462338542
Size: 33.86 MB
Format: PDF, Kindle
Category :
Languages : en
Pages : 35
View: 1638

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The European Union’s (EU) financial stability framework is being markedly strengthened. This is taking place on the heels of a severe financial crisis owing to weaknesses in the banking system interrelated with sovereign difficulties in the euro area periphery. Important progress has been made in designing an institutional framework to secure microeconomic and macroprudential supervision at the EU level, but this new set-up faces a number of challenges. Developments regarding the financial stability may assist in the continuing evolution of the European financial stability architecture.

Ireland

Ireland PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 148430554X
Size: 74.76 MB
Format: PDF, ePub
Category : Business & Economics
Languages : en
Pages : 64
View: 332

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This Selected Issues paper provides an overview of income distribution and the welfare system in Ireland, with a focus on the crisis and postcrisis periods. Ireland’s flexible economy and strong social safety net helped mitigate the adverse effects of the property-driven crisis. Although economic conditions are improving rapidly, lifting employment, ongoing efforts are needed to address the lingering impact on those hardest hit, including the long-term unemployed and unemployed youth. Consistent efforts are needed to support sustainable and inclusive growth and meet ambitious social targets, including the reduction of consistent poverty to 2 percent by 2020.

Luxembourg

Luxembourg PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1475599498
Size: 79.78 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 40
View: 2745

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Luxembourg: Selected Issues

Belgium

Belgium PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1513547690
Size: 17.61 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 48
View: 5853

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This paper discusses two key issues of the Belgian economy: (1) making public expenditure more efficient and (2) addressing the Belgian labor market-segmentations and distortions. Belgium faces fiscal challenges that call for a substantial consolidation over the medium term. The sizable expenditure reduction contemplated by the authorities will be difficult without deeper structural reforms. Reforms that improve the efficiency of public spending can help underpin fiscal adjustment while minimizing the drag on growth and protect social cohesion. The Belgian labor market suffers from rigidities and fragmentation. The design of policies to increase employment rates among these vulnerable labor market segments requires a thorough reflection of symptoms and underlying causes.

Greece Selected Issues

Greece  Selected Issues PDF
Author:
Publisher:
ISBN:
Size: 15.30 MB
Format: PDF, Kindle
Category : Consumption (Economics)
Languages : en
Pages :
View: 118

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Cross Country Report On Inflation Selected Issues

Cross Country Report on Inflation  Selected Issues PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1513548824
Size: 29.70 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 39
View: 319

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This Selected Issues paper examines the causes and drivers of low inflation in European inflation targeting countries outside the euro area, focusing on the Czech Republic, Poland, Sweden, and Switzerland. It estimates the effects on inflation from the output gap and external factors, including oil price changes, nominal effective exchange rate (NEER) fluctuations, and euro area inflation spillovers. It is observed that external factors have been significant drivers of low inflation recently, though their contributions to inflation and the channels through which they operate vary across countries. Policy responses and options are also discussed, taking into account country-specific circumstances.