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Euro Area Policies

Euro Area Policies PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1513540912
Size: 17.64 MB
Format: PDF, ePub
Category : Business & Economics
Languages : en
Pages : 112
View: 1778

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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: 1513523082
Size: 27.10 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 112
View: 1678

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This Selected Issues paper discusses the risks of low growth and inflation over the medium term for the euro area. It examines the consequences of longer term trends that predate the crisis and the progress made in addressing the crisis legacies of high unemployment and debt. The paper illustrates, in a downside scenario, how low potential growth and crisis legacies leave the euro area vulnerable to the risks of stagnation. The weak medium-term prospect and limited policy space leave the euro area vulnerable to shocks that could lead to a prolonged period of low growth and inflation. Model simulations suggest that a modest shock to investor confidence could push up risk premia and real interest rates, as policy space is constrained at the zero lower bound and fiscal policy space to provide stimulus is limited. Moreover, the lingering crisis legacies of high debt and unemployment could amplify the original shocks, creating a bad feedback loop and keeping the economy stuck in equilibrium of stagnation.

Euro Area Policies

Euro Area Policies PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1484347854
Size: 64.59 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 72
View: 1635

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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 Selected Issues

Euro Area Policies  Selected Issues PDF
Author: International Monetary Fund
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781455205806
Size: 43.59 MB
Format: PDF, ePub, Mobi
Category :
Languages : en
Pages : 44
View: 7762

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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.

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: 11.89 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 58
View: 7167

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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.

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: 44.83 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 120
View: 3923

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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.

Portugal

Portugal PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1475538391
Size: 62.41 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 48
View: 7266

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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: International Monetary Fund
ISBN: 1475561547
Size: 73.51 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 52
View: 7574

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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.